Category: Taxation

MIL-OSI Security: Over 100 Defendants Federally Charged With Fraud Related To The COVID-19 Pandemic

Source: United States Department of Justice (National Center for Disaster Fraud)

Tampa, FL – United States Attorney Roger B. Handberg announces the results achieved by the Middle District of Florida’s efforts to combat fraud related to the COVID-19 pandemic. Since March 2020, the United States Attorney’s Office (USAO-MDFL) has federally charged 109 individuals with fraud schemes designed to exploit state and federal programs implemented to alleviate the economic hardships caused by the COVID-19 pandemic. These efforts include complementary actions by the USAO-MDFL’s Criminal, Civil, Asset Recovery, Appellate Divisions, in cooperation with federal, state, and local law enforcement agencies.

“The Middle District of Florida United States Attorney’s Office, in cooperation with our federal, state, and local law enforcement partners, is committed to holding accountable those people who schemed to steal or otherwise obtain through misconduct benefits intended for Americans coping with the impacts of the COVID-19 pandemic,” said U.S. Attorney Roger Handberg.

With respect to criminal enforcement, the USAO-MDFL and federal, state, and local law enforcement agencies combined resources in March 2020 to form the Middle District of Florida COVID-19 Fraud Task Force with the purpose of identifying, investigating, and federally prosecuting fraud related to the ongoing COVID-19 pandemic. Since its inception, the Task Force has prosecuted 109 defendants for fraud schemes designed to exploit federal programs including the Paycheck Protection Program (“PPP”), Economic Injury Disaster Loans (“EIDL”), Unemployment Insurance (“UI”), the Main Street Lending Program (“MSLP”), the Emergency Rental Assistance Program (“ERAP”), as well as government Healthcare programs such as Medicare. Collectively, these defendants sought to defraud the United States of over $96 million. Of the 109 charged defendants, 74 have already been found guilty while prosecution remains pending against 35 defendants.

The Middle District of Florida COVID-19 Fraud Task Force continues to aggressively investigate and prosecute individuals that took advantage of COVID-19 programs. On September 20, 2024, for example, a federal grand jury convicted Angela Chew (60, Leesburg) of conspiracy to bribe a public official and commit wire fraud, three counts of bribery of a public official, and six counts of wire fraud. Chew faces up to 5 years in federal prison on the conspiracy count, up to 15 years in federal prison on each of the bribery counts, and up to 20 years in federal prison on each of the wire fraud counts. Her sentencing hearing is scheduled for December 18, 2024.

According to evidence presented at trial, Chew conspired with three others to submit applications for COVID-19 EIDLs containing false and fraudulent information in exchange for bribe payments. The evidence showed Chew used her position as a loan specialist for the Small Business Administration (SBA) to internally access those loan applications that she and a co-conspirator had submitted on behalf of others. Chew then took actions on the applications within the SBA’s internal processing system that moved the loans towards approval. For example, Chew submitted a loan on behalf of a co-conspirator’s business that she knew was not active or operating at the time she submitted the loan. The loan was flagged as a duplicate by the SBA’s internal system, which stopped the application from progressing toward approval and funding. Chew then entered the SBA’s loan processing system, accessed the loan application, reactivated it, and manipulated the loan’s status multiple times to progress the application toward approval and funding in the amount of $150,000. In exchange, Chew received thousands of dollars in bribe payments from two of her co-conspirators. The evidence showed that Chew caused the funding of at least six EIDL applications, for a total loss of over $800,000.

In July 2024, a federal grand jury returned a superseding indictment charging Jared Dean Eakes (33, Jacksonville) with five counts of wire fraud and three counts of bank fraud. According to the superseding indictment, Eakes participated in a scheme to defraud investors and fraudulently secured approximately $4,752,270 in PPP loans. Eakes caused the submission of four PPP loan applications—including applications for two of the entities involved in the scheme to defraud investors—which contained false and fraudulent supporting documentation and statements regarding the entities’ employees and payroll. Once Eakes obtained the PPP loans, he did not use the funds for qualifying expenses as required by the program. Instead, he used the funds to engage in options trading or withdrew the funds in cash.

In addition to criminal prosecutions, the MDFL-USAO continues to investigate and pursue civil redress against individuals and entities who fraudulently obtained PPP funds. For example, in September 2024, Miles Partnership, LLC (“Miles”), a travel and tourism consulting company headquartered in Sarasota, Florida, agreed to a civil settlement of $2,281,950 to resolve allegations that Miles improperly obtained and received forgiveness for a second draw PPP loan. According to the information contained in the qui tam complaint, Miles was required to file a registration statement under FARA (Foreign Agents Registration Act) due to its work with various foreign tourism boards. The United States investigated these allegations with the cooperation of Miles. The civil settlement will conclude the lawsuit.

Further, the USAO-MDFL’s Asset Recovery Division and federal seizing agencies have completed the forfeiture of more than $20 million of EIDL, UI, and PPP funds that were fraudulently obtained, depriving the fraudsters of their ill-gotten gains and recovering the proceeds for the victims. More than $18 million in additional pandemic fraud proceeds have been seized and are pending civil or criminal forfeiture.

The U.S. Attorney General has established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Through the PPP, the federal government authorized over $600 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. The EIDL program provides economic relief to small businesses that are currently experiencing a temporary loss of revenue. The MSLP provided support to small and medium-sized businesses and their employees across the United States during the COVID-19 pandemic. UI programs provided unemployment benefits to eligible workers who became unemployed through no fault of their own.

The criminal cases charged by the Middle District of Florida COVID-19 Fraud Task Force have been investigated by the Small Business Administration—Office of Inspector General, the Small Business Administration, the Federal Bureau of Investigation, the U.S. Secret Service, Internal Revenue Service—Criminal Investigation, the Department of Labor—Office of Inspector General, the U.S. Postal Service, the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation—Office of Inspector General, Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Special Inspector General for Pandemic Recovery, Federal Reserve Board—Office of Inspector General, Department of Health and Human Services—Office of Inspector General, Department of Veterans Affairs – Office of Inspector General, U.S. Agency for International Development, the Metropolitan Bureau of Investigation, the Tampa Police Department, the Orlando Police Department, the Jacksonville Sheriff’s Office, the Manatee County Sheriff’s Office, the Hillsborough County Sheriff’s Office, the Sarasota County Sheriff’s Office, the Winter Park Police Department, the Osceola County Sheriff’s Office, the Seminole County Sheriff’s Office, the Orange County Sheriff’s Office, and the Pasco County Sheriff’s Office. The cases are being prosecuted by Assistant United States Attorneys throughout the Middle District of Florida.

The Department of Justice needs the public’s assistance in remaining vigilant and reporting suspected fraudulent activity. To report suspected fraud, contact the National Center for Disaster Fraud (“NCDF”) at (866) 720-5721 or file an online complaint at: https://www.justice.gov/disaster-fraud/webform/ncdf-disaster-complaint-form. Complaints filed will be reviewed at the NCDF and referred to federal, state, local, or international law enforcement or regulatory agencies for investigation.

United States Attorney’s Office for the Middle District of Florida COVID Fraud Criminal Cases
Charged Cases
Defendant(s) (Age)	Charge(s) Max. Imprisonment	Type of Fraud*	Intended Loss Amount
Tampa Division
Devontaie Deravil	Aggravated identity theft Maximum Prison Term: Two Years Consecutive Access device fraud Maximum Prison Term: 10 Years	UI	$480k
Jordan Ross	Wire fraud Maximum Prison Term: 20 Years Illegal monetary transactions Maximum Prison Term: 10 Years	EIDL/PPP	$1.3M
Marquett James Alyson Marquett	Conspiracy to commit wire fraud Maximum Prison Term: 20 Years Wire fraud Maximum Prison Term: 20 Years	EIDL/PPP	$96k
Willie Murray Jr.	Wire fraud Maximum Prison Term: 20 Years Aggravated identity theft Maximum Prison Term: Two Years Consecutive	HCF	$5M
Charles Driver Jr.	Conspiracy Maximum Prison Term: 5 years Access device fraud Maximum Prison Term: 10 years	UI	$175k
Eric Canonico	Wire fraud Maximum Prison Term: 20 Years Illegal monetary transactions Maximum Prison Term: 10 Years	PPP	$2.3M
Alexander Leszczynski	Wire fraud Maximum Prison Term: 20 Years Bank fraud Maximum Prison Term: 20 Years Illegal monetary transactions Maximum Prison Term: 10 Years	PPP	$1.1M

Capree Holmes	Wire fraud Maximum Prison Term: 20 Years	EIDL	$159k
Javarus Polite	Wire fraud Maximum Prison Term: 20 Years	PPP	$20k
Luis Morales	Wire fraud Maximum Prison Term: 20 Years	PPP	$40k
Rosson Hamilton	Wire fraud Maximum Prison Term: 20 Years	PPP	$20k
David Antonetti	Wire fraud Maximum Prison Term: 20 Years	PPP	$40k
Carlos Dones	Wire fraud Maximum Prison Term: 20 Years	PPP	$14k
Santos Cruz Rivera	Wire fraud Maximum Prison Term: 20 Years	PPP	$16k
Tevyan Hepburn	Wire fraud Maximum Prison Term: 20 Years	PPP	$20k
Jeanty Cherilus	Wire fraud Maximum Prison Term: 20 Years	EIDL/PPP	$370k
Gage Bowen	Wire fraud Maximum Prison Term: 20 Years	PPP	$20k
These COVID Fraud cases from the Tampa Division are being handled by AUSAs Tiffany Fields, Greg Pizzo, Candace Rich, Jennifer Peresie, Michael Kenneth, Merrilyn Hoenemeyer, and Daniel Baeza
Orlando Division
Evan Edwards Joshua Edwards	Conspiracy to commit bank fraud Maximum Prison Term: 30 years Bank fraud Maximum Prison Term: 30 years Visa fraud Maximum Prison Term: 10 years False statements Maximum Prison Term: 30 years	PPP	$8M
Emmet Bowens	Wire fraud Maximum Prison Term: 20 Years Illegal monetary transactions Maximum Prison Term: 10 Years	PPP	$740k
Latresia Wilson	False statements Maximum Prison Term: 20 Years	HCF	$2.6M
Shawn Simmerer Seth Downes	Conspiracy to commit wire fraud Maximum Prison Term: 20 years Wire fraud Maximum Prison Term: 20 years False claim Maximum Prison Term: 5 years	PPP	$344k

Daniel Bohorquez		Conspiracy to commit wire fraud Maximum Prison Term: 20 years Wire fraud Maximum Prison Term: 20 years		EIDL			$546k
These COVID Fraud cases from the Orlando Division are being handled by AUSAs Kara Wick, Amanda Daniels, and DOJ Trial Attorney Keith Clouser
Fort Myers Division
Venera Price		Mail fraud Maximum Prison Term: 20 Years		ERAP			$82k
Timothy Jolloff		Wire fraud Maximum Prison Term: 20 Years Money laundering Maximum Prison Term: 20 Years Illegal monetary transactions Maximum Prison Term: 10 Years		PPP/EIDL			$2.1M
Lisa Jolloff		Money laundering Maximum Prison Term: 20 Years Illegal monetary transactions Maximum Prison Term: 10 Years		PPP/EIDL			$2.1M
Diop McKenzie		Bank fraud Maximum Prison Term: 30 years Wire fraud Maximum Prison Term: 20 Years Aggravated identity theft Maximum: Prison Term: Two Years Consecutive		EIDL/PPP			$237k
These COVID Fraud cases from the Fort Myers Division are being handled by AUSA Yolande Viacava and Trent Reichling
Jacksonville Division
Jared Eakes		Wire fraud Maximum Prison Term: 20 Years Bank fraud Maximum Prison Term: 30 years		PPP			$4.7M
Natasha Hemming Tiffany Gonsalves Joshua Seedhaire		Conspiracy Access device fraud Aggravated identity theft Maximum: Prison Term: Two Years Consecutive		UI			$5.6M
These COVID Fraud cases from the Jacksonville Division are being handled by AUSAs David Mesrobian and John Cannizzaro
Ocala Division
Lisa Starkes Ivan Starkes		Wire fraud Maximum Prison Term: 20 Years		PPP			$80k
This COVID Fraud case from the Ocala Division is being handled by AUSA Hannah Nowalk
Adjudicated Cases
Tampa Division
Demarius Wilson	Wire fraud Maximum Prison Term: 20 Years		PPP		$18k
This COVID Fraud case from the Tampa Division is being handled by AUSA Michael Kenneth
Orlando Division
Robert Burns	Wire fraud Maximum Prison Term: 20 Years		PPP		$57k
William Barrientos Grisoris Barrientos	Conspiracy to commit wire fraud Maximum Prison Term: 20 Years		EIDL		$693k
Angela Chew	Conspiracy Maximum Prison Term: 5 Years Bribery of a public official Maximum Prison Term: 15 Years Wire fraud Maximum Prison Term: 20 Years		EIDL		$732k
These COVID Fraud cases from the Orlando Division are being handled by Amanda Daniels, Diane Hu, and Richard Varadan
Jacksonville Division
James Wigg	Wire Fraud Maximum Prison Term: 20 years		PPP		$476k
Crystal Harvell	Wire Fraud Maximum Prison Term: 20 years		PPP		$20k
These COVID Fraud cases from the Jacksonville Division are being handled by AUSA, Kevin Frein and Tysen Duva
Ocala Division
Passion Jackson	Wire fraud Maximum Prison Term: 20 Years		PPP			$20k
Nicole Harding	Wire fraud Maximum Prison Term: 20 Years		PPP			$20k
Henry Wade	Wire fraud Maximum Prison Term: 20 Years		EIDL			$500k
These COVID Fraud cases from the Ocala Division are being handled by AUSA Hannah Nowalk
Sentenced Cases
Tampa Division
Louis Thornton, III	Wire fraud Sentence Imposed: 42 months in federal prison		EIDL/PPP		$815k
Kary Stevenson Corey Quinn	Conspiracy to commit access device fraud and aggravated identity theft Sentence Imposed: 5 years, 10 months in federal prison (Stevenson) Sentence Imposed:7 years in federal prison (Quinn)		UI		$1M
Bridgitte Keim	Bank fraud Sentence Imposed: 2 years in federal prison		PPP		$588k
Wayne Ganaway	Conspiracy to commit wire fraud Sentence Imposed: 4 years in federal prison		EIDL		$300k
Rolanda Wingfield	Access device fraud, aggravated identity theft Sentenced Imposed: 3 years in federal prison		UI		$135k
Eriaius Bentley	Racketeering conspiracy, aggravated identity theft, access device fraud Sentence Imposed: One year in federal prison		UI		$3M
Tywon Spann	Racketeering conspiracy, aggravated identity theft, access device fraud Sentence Imposed: 6 years and 9 months in federal prison		UI		$3M
Keaujay Hornsby	Racketeering conspiracy, aggravated identity theft, access device fraud Sentence Imposed: 10 years and 10 months in federal prison		UI		$3M
Kareem Spann	Racketeering conspiracy, aggravated identity theft, access device fraud Sentence Imposed: 10 years and 10 months in federal prison		UI		$3M
Randy Jones	Wire fraud, aggravated identity theft Sentence Imposed: 5 years and 1 month in federal prison		EIDL/UI		$250k
Julio Lugo	Conspiracy to commit money laundering Sentence Imposed: 7 years and 6 months in federal prison		EIDL/PPP		$4.4M
Keith Nicoletta	Conspiracy to commit money laundering Sentence Imposed: 24 months in federal prison		PPP		$1.9M
Rosenide Venant	Conspiracy to commit money laundering Sentence Imposed: 5 years in federal prison		EIDL/PPP		$413k
Melinda Hernandez	Conspiracy to commit wire fraud, wire fraud and aggravated identity theft Sentence imposed: Three years and six months in federal prison		UI		$1.5M
Bri’antina Mills	Wire fraud and theft of government funds Sentence imposed: 15 months in federal prison		EIDL		$10K
Jorge Gutierrez Echeverria	Wire fraud Sentence imposed: Two years and six months in federal prison		EIDL		$150k
Omar Esquivel Bello	Wire fraud Sentence imposed: 15 months in federal prison		EIDL		$242k
Steve Moodie	Conspiracy to commit wire fraud, wire fraud, aggravated identity theft Sentence imposed: 5 years and 10 months in federal prison		UI		$1.5M
Richard Simpkins	Conspiracy to commit money laundering Sentence imposed: 5 years and 10 months in federal prison		PPP		$1.9M
Devaris McClain	Conspiracy to commit wire fraud, access device fraud Sentence imposed: 5 years and 1 month in federal prison		UI		$85k
Jalissa McDuffy	Wire fraud Sentence imposed: 3 years supervised release with 6 months home detention		PPP		$41k
Kieanna Garrett	Wire fraud Sentence imposed: 60 days’ imprisonment		EIDL		$40k
Marqus Willard Johnson	Bank fraud Money laundering Sentence imposed: 18 months’ imprisonment followed by 60 moths supervised release		PPP		$500k
Mehdi Tazi	Conspiracy, Aggravated identity theft Sentenced imposed: 5 years imprisonment followed by4 years supervised release		UI		$1.5M
Tyree Wingfield	Conspiracy, Aggravated identity theft Sentenced imposed: 5 years and 10 months imprisonment followed by4 years supervised release		UI		$1.5M
Dawn Ogundele	Theft of government funds Sentence imposed: 2 years’ probation		PPP		$20k
Alexander Alli	Wire fraud conspiracy Sentence imposed: 13 months’ imprisonment		EIDL		$80k
Charles Cunningham	Bank fraud Sentence imposed: 21 months’ imprisonment		PPP		$800k
Jailyn Holmes	Wire fraud Sentence imposed: 5 years’ probation		PPP		$20k
Nicole Bramble-King	Wire fraud Sentence imposed: 5 years’ probation		PPP		$40k
Tommy Louisville	Wire fraud Sentence imposed: 12 months’ imprisonment		PPP		$33k
Joseph Abdo	Wire fraud Illegal monetary transactions Sentence imposed: 5 years’ probation		PPP		$500k
Barrett Purvis	Wire fraud Money laundering Sentence imposed: 2 years and 9 months in federal prison		EIDL		$499k
Bergeline Lexis	Conspiracy to commit wire fraud Sentence imposed: 10 months in federal prison		EIDL/PPP		$68k
These COVID Fraud cases from the Tampa Division were handled by AUSAs Rachel Jones, Greg Pizzo, Tiffany Fields, Diego Novaes, Jennifer Peresie, Merrilyn Hoenemeyer, Jay Trezevant, SAUSA Chris Poor, and DOJ Trial Attorney John Scanlon
Orlando Division
Daniel Johnson	Conspiracy to commit wire fraud, aggravated identity theft, unlawful transfer of firearm Sentence Imposed: 7 years, 6 months in federal prison		UI		$2.3M
Jacquavius Smith	Possession of short-barreled rifle; felon in possession of firearm; and aggravated identity theft Sentence Imposed: 7 years, 1 month in federal prison		PPP		$10k
Johnson Eustache	Wire fraud Sentence Imposed: 5 years in federal prison		EIDL/PPP		$2.2M
Joseph Harrison	Conspiracy to commit wire fraud Sentence Imposed: 12 months in federal prison		UI		$2.1M
Tomas Ziupsnys	Conspiracy to commit bank fraud; bank fraud; aggravated identity theft Sentence Imposed: 5 years in federal prison		PPP		$2M
Holly Urban	Conspiracy to commit bank fraud Sentence Imposed: 30 months in federal prison		PPP		$1.5M
Joel Greenberg	Conspiracy to commit wire fraud and other offenses while on pretrial release Sentence Imposed: 11 years in federal prison		EIDL		$430k
Don Cisternino	Wire fraud, illegal monetary transactions, and aggravated identity theft Sentence Imposed: 8 years and 6 months in federal prison		PPP		$7.2M
Keith Ingersoll	Conspiracy to commit wire fraud, wire fraud, aggravated identity theft Sentence imposed: 9 years, 1 month in federal prison.		EIDL		$66k
Jaheim Davis	Access device fraud and aggravated identity theft Sentence imposed: 3 years, 6 months in federal prison.		UI		$219k
Teresa McIntyre	Conspiracy to commit wire fraud and other offenses Sentence Imposed: 5 years’ probation		EIDL		$730k
Brian Blake	Possession of device-making equipment, access device fraud, aggravated identity theft Sentence Imposed: 9 years and 8 months in federal prison		PPP/UI		$832k
Joseph Faubert	Bank fraud Sentenced Imposed: 5 years probation		PPP		$778k
These COVID Fraud cases from the Orlando Division were handled by AUSAs John Gardella, Amanda Daniels, Chauncey Bratt, Emily Chang, Shannon Laurie, and Jennifer Harrington, and U.S. Attorney Roger Handberg
Jacksonville Division
Jacob Byrd	Wire fraud Sentence Imposed: 5 years’ probation		PPP		$10k
Deconna Burke	Wire fraud Sentence Imposed: 5 years’ probation		PPP		$20k
Desmond Williams	Wire fraud conspiracy, wire fraud Sentenced Imposed: 5 years’ probation		PPP		$40k
Kenneth Landers	Wire fraud and illegal monetary transaction Sentence Imposed: 1 year in federal prison followed by 1 year of supervised release		PPP		$1.4M
Christopher Daragjati	Wire fraud , Theft of government funds, and Aggravated identity theft Sentenced imposed: 5 years’cisternino imprisonment followed by 3 years’ supervised release.		PPP		$150k
This COVID Fraud case from the Jacksonville Division was handled by AUSA Kevin Frein and Michael Coolican
Fort Myers Division
Casey Crowther	Bank fraud, false statement to a financial institution, illegal monetary transaction Sentence Imposed: 3 years, 1 month in federal prison		PPP		$2.7M
Anthony Bruey Amber Bruey	Conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, illegal monetary transactions Sentence Imposed: Anthony Bruey: 4 years, 3 months in federal prison Amber Bruey: 4 years in federal prison		PPP/EIDL		$881k
Edrica Leann Watson	False statement to a lending institution Sentence Imposed: 15 months in federal prison		PPP		$392k
Daniel Joseph Tisone	Wire fraud, bank fraud, money laundering, aggravated identity theft, possession of ammunition by a prohibited person Sentence Imposed: 7 years in federal prison		PPP/EIDL/MSLP		$10.7M
Liliana Gonzalez	Wire fraud Sentence Imposed: 5 years of probation with 18 months of home confinement		PPP		$169k
Al Clint LaRoche	Bank fraud Sentence Imposed: Two years in federal prison		PPP		$1M
Denis Casseus	Bank fraud and illegal monetary transaction Sentence Imposed: 2 years in federal prison followed by 3 years’ supervised release		PPP		$298k
Evan Graves	Wire fraud Sentence Imposed: 18 months in federal prison		EIDL		$1.3M
Ismaelle Manuel	Bank fraud Sentence Imposed: Credit for time served followed by 5 years supervised release		PPP		$280k
These COVID Fraud cases from the Fort Myers Division were handled by AUSAs Trent Reichling, Michael Leeman, Jesus M. Casa, Simon Eth, and Yolande Viacava
Ocala Division
Lavelle Harris	Wire fraud Sentence Imposed: Two years and three months in federal prison		PPP		$1.2M
This COVID Fraud case from the Ocala Division was handled by AUSA Hannah Nowalk
Types of Fraud* Economic Injury Disaster Loan (EIDL) Paycheck Protection Program (PPP) Unemployment Insurance (UI) Main Street Lending Program (MSLP) Emergency Rental Assistance Program (ERAP) Health Care Fraud (HCF)

MIL Security OSI –

September 29, 2024

MIL-OSI Canada: The CRA invites taxpayers to share ideas for service improvements
Source: Government of Canada News (2)

The Canada Revenue Agency (CRA) is committed to providing a high-quality service experience for taxpayers and benefit recipients.
September 25, 2024 Ottawa, Ontario Canada Revenue Agency

The Canada Revenue Agency (CRA) is committed to providing a high-quality service experience for taxpayers and benefit recipients. To deliver on these efforts, the CRA is launching public consultations to hear from individuals, non-professional representatives, and tax intermediaries about their experiences with CRA services.

The CRA service consultations 2024 will play an important role in further understanding the experiences of those who rely on CRA services, and identifying areas where improvements are needed. As the CRA adapts to an ever-changing environment, ensuring our services remain accessible, responsive, and tailored to the evolving needs of clients is our top priority.

How to participate

From September 25 to December 2, 2024, individuals, non-professional representatives, and tax intermediaries have the opportunity to share feedback on their experiences interacting with CRA services through an online questionnaire. The CRA will also hold both in-person and virtual consultation sessions with members of these groups by invitation, allowing for more in-depth discussions.
- Every voice matters: participate in the online questionnaire to share your feedback and help shape the future of CRA services.
To ensure the privacy of participants and that a wide range of perspectives is captured, the recruitment of participants and reporting will be managed by an independent third party.

What we hope to learn

As the world changes with new technologies and evolving trends, your expectations of government services are also shifting. The CRA is the administrator of a complex tax system and recognizes the need to be responsive to these changes to deliver services that strive to put people first. We know taxpayers and benefit recipients deserve a better service experience and we want to focus on what matters most to them. This is why we need feedback. Through these consultations, we aim to understand the specific challenges they are facing and identify areas where our services fall short of their expectations.

How feedback shapes improvements

Over the past few years, there has been a growing demand for digital-first, seamless experiences, prompting the CRA to modernize its services to enhance ease of access. Previous feedback has been pivotal in driving service improvements, and these consultations are another important step in ensuring our services address the needs of our clients. Recent key improvements include:
- Introducing a digital application for the Disability Tax Credit to streamline the process for those who rely on this essential support.
- Enhancing the CRA’s sign-in services to ensure faster and more secure access to online accounts.
- Implementing the Learn about your taxes online learning tool to help young people better understand and manage their tax obligations.
- Increasing Contact Centre hours to improve access to timely support, recognizing the challenges individuals and businesses face in reaching us, we are working to ensure they can get the help they need when they need it.
- Expanding the Community Volunteer Income Tax Program (CVITP), which helps vulnerable and lower-income populations access free tax-filing support.
While we’ve made progress, the CRA recognizes that challenges remain and there is still more work to be done. Encouraging participation in these consultations will play a key role in shaping the future of CRA programs and services, making it easier for taxpayers to understand their tax obligations and receive the benefits and credits they may be eligible for.

For more information on the consultations and to participate, visit CRA service consultations 2024.
Justine Lesage
Director of Communications
Office of the Minister of National Revenue
Justine.Lesage@cra-arc.gc.ca

MIL OSI Canada News –
September 29, 2024
MIL-OSI USA: NH Delegation Welcomes $60 Million in Tax Credits for Community Development to Support Small Businesses and Spur Economic Growth

Source: United States House of Representatives – Congressman Chris Pappas (D-NH)

Today the New Hampshire delegation announced that Mascoma Community Development, a wholly-owned subsidiary of Mascoma Bank of Lebanon, was awarded $60 million in New Markets Tax Credits (NMTC) to incentivize development in underserved communities.

“Investments into our communities and small businesses are helping develop local economies, create more good-paying jobs, and strengthen our quality of life,” said Congressman Pappas. “These funds will incentivize economic development in New Hampshire’s underserved communities to ensure no city or town is left behind. I’ll continue to advocate for programs that help our state, small businesses, and communities grow and thrive.”

“Underserved communities and small businesses often struggle to get the capital they need to grow, which is why this investment is key to the overall economic success of our state. I’m glad to see this award going to Mascoma Community Development to help ensure small businesses and entrepreneurs working to develop these communities have the resources they need to succeed,” said Senator Shaheen. “I look forward to continuing to support programs that provide development opportunities, create jobs and grow our economy in communities across New Hampshire.”

“Investing in Granite State businesses and ensuring that they have access to the capital that they need is a key way to help our local economy thrive,” said Senator Hassan. “This federal funding will promote development and growth in the Upper Valley and throughout New Hampshire, and I will keep supporting programs that help create jobs and invest in our state.”

“Small businesses and local entrepreneurs are the backbone of New Hampshire’s economy and way of life,” said Congresswoman Kuster. “These resources heading to Mascoma Community Development will go a long way toward uplifting our Main Street businesses and the communities they serve, and I look forward to seeing the benefit the New Market Tax Credit program continues to have on New Hampshire’s economic growth.”

This award is provided by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund), which promotes development in low-income urban and rural communities by investing in mission-driven financial institutions. Tax credit allocations awarded to Community Development Entities (CDE), such as Mascoma Community Development, enable CDEs to raise additional capital to invest in low income and distressed communities in return for tax credits. The total tax credit provided to investors equals 39 percent of the original investment and is spread over a seven-year period.

Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2023, NMTC Program award recipients deployed more than $66 billion in investments in low-income communities and businesses, supporting more than 894,000 jobs and the construction or rehabilitation of nearly 259.5 million square feet of commercial real estate.

MIL OSI USA News –

September 29, 2024
MIL-OSI Translation: Agency invites taxpayers to share ideas for improving services

MIL OSI Translation. Canadian French to English –

Source: Government of Canada – in French 1

The Canada Revenue Agency is committed to providing a high-quality service experience to taxpayers and benefit recipients.

September 25, 2024 Ottawa, Ontario Canada Revenue Agency

The Canada Revenue Agency is committed to providing a high-quality service experience to taxpayers and benefit recipients. In this spirit, the Agency is launching public consultations to hear from individuals, non-professional representatives and tax intermediaries on their appreciation of the Agency’s services.

THE Consultations on Agency 2024 services will serve, on the one hand, to better understand the experience of people who rely on the Agency’s services and, on the other hand, to identify areas where improvements are desirable. As the Agency adapts to a constantly changing environment, its top priority remains to ensure that its services remain accessible, responsive and adapted to the changing needs of clients.

How to participate

From September 25 to December 2, 2024, individuals, non-professional representatives, and tax intermediaries will have the opportunity to share their impressions of their interactions with the Agency’s services through an online questionnaire. The Agency will also hold in-person and online consultation sessions with members of these groups by invitation to conduct more in-depth discussions.

Every voice counts: Answer the online questionnaire to share your thoughts and help shape the future of the Agency’s services.

To ensure participant confidentiality and to obtain a broad range of perspectives, participant recruitment and reporting will be managed by an independent third party.

What the Agency hopes to learn

New technologies and emerging trends are changing the world, and so are taxpayers’ expectations of government services. The Agency, which administers a complex tax system, recognizes the need to adapt to these changes in order to provide people-centred services. It also recognizes that taxpayers and benefit recipients deserve a better service experience and want to focus on what matters most to them. That’s why it needs their feedback. The consultations will help us understand the specific challenges they face and identify specific services that are not meeting their expectations.

How taxpayer feedback shapes the Agency’s services

In recent years, demand for a seamless digital experience has increased, prompting the Agency to modernize its services to make them easier to access. Feedback collected in the past has played a vital role in improving services, and the upcoming consultations will be another important step in ensuring service delivery is tailored to the needs of our clients. Key improvements the Agency has made include:

Creating a digital form for the Disability Tax Credit to simplify the process for those who rely on this critical support. Enhancing the Agency’s login services to ensure faster and more secure access to online accounts. Launching the Understanding Your Taxes e-learning tool to help youth better understand and manage their tax obligations. Extending contact centre hours to improve access to timely support. Recognizing the challenges individuals and businesses face in reaching the Agency, the Agency is working to ensure they can get the help they need when they need it. Expanding the Community Volunteer Income Tax Program (CVITP), which helps vulnerable and low-income individuals access free support with filing their taxes.

While progress has been made, the Agency recognizes that challenges remain and that more work needs to be done. Encouraging participation in these consultations will play a key role in shaping the Agency’s future programs and services, making it easier for taxpayers to understand their tax obligations and access the benefits and credits to which they are entitled.

To learn more about the consultations and to complete the questionnaire, go to ARC Services Consultations 2024.

Justine LesageDirector of CommunicationsOffice of the Minister of National RevenueJustine.Lesage@cra-arc.gc.ca

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

MIL Translation OSI

September 29, 2024
MIL-OSI USA: Warner, Capito Introduce Methane Reduction and Economic Growth Act

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA) and Shelley Moore Capito (R-WV) introduced legislation to create a tax credit that will incentivize the capture and repurposing of methane emissions from active and abandoned mines. Methane is a greenhouse gas that is 28 times more potent than carbon dioxide, and coal mines are the country’s fifth-largest source of methane emissions. Leveraging methane capture technology can not only prevent harmful emissions from entering our atmosphere, but also allow the gas to be converted or reused for productive use, providing an additional supply of lower-emission energy that has numerous industrial and commercial applications.
“Capturing and repurposing methane from Virginia’s active and abandoned mines will have a significant impact in the Commonwealth and across the country,” Sen. Warner said. “This legislation will lead to new investment in methane capturing efforts, and will contribute meaningfully to efforts across the country to repurpose methane that otherwise would have harmful impacts when emitted into the atmosphere while at the same time boosting the economy and creating jobs.”
“Allowing methane capture efforts to be eligible for the 45Q Carbon Capture Utilization and Storage tax credit would result in positive environmental, economic, and investment impacts for West Virginia. I’m proud to help introduce this legislation, which could help capture and utilize mine methane emissions as a fuel source from coal mines, creating another step for West Virginia to continue leading in an ‘all-of-the-above’ energy approach,” Sen. Capito said.
Specifically, the Methane Reduction and Economic Growth Act would amend Section 45Q of the Internal Revenue Code – which houses an existing tax credit for carbon capture and sequestration – to create a Mine Methane Capture Incentive Credit. The new credit would credit taxpayers based on the amount of qualified methane that is captured and injected into a pipeline or is otherwise used for producing heat or energy. Qualified methane includes methane which:
Is captured from mining activities, including underground mines, abandoned or closed mines, or surface mines;
Would otherwise be released into the atmosphere as industrial greenhouse gas emission; and
Is measured at the source of capture and verified at the point of injection or utilization.
Sen. Warner has been a leader on efforts to clean up and reclaim abandoned mine lands (AML) in Virginia, including by securing funding for this process through the bipartisan infrastructure law he helped to negotiate.
The Methane Reduction and Economic Growth Act would give a boost to existing efforts in Virginia, which recently received more than $99 million in federal funding to capture and convert methane emissions from coal mines and landfills. Companion legislation has been introduced in the House of Representatives by Reps. Reps. Carol Miller (R-WV) and Terri Sewell (D-AL).
“Finding ways to incentivize the capture of mine methane will have a positive impact here in Virginia,” Jonathan Belcher, Executive Director of the Virginia Coalfield Economic Development Authority, said. “Encouraging beneficial use of methane, which would otherwise be wasted and emitted into the atmosphere, stimulates our economy by creating jobs in our local communities and improves our tax base, while reducing emissions both at a local and global level. Captured methane can be sold into existing marketplaces to help drive down costs for consumers and can be used as both a fuel source and a manufacturing feedstock, which will assist our existing industry and encourage new economic development in the region. We applaud Senator Warner for his leadership on this issue and his focus on the economic health of Southwest Virginia.”
“This is a perfect example of how Washington ought to work,” Cecil Roberts, International President of the United Mine Workers of America, said. “This is strong bi-partisan legislation that will grow coalfield jobs, support coalfield communities and help reduce methane emissions. It is a win-win for workers and communities in Virginia and across Appalachia and I thank Senators Warner and Capito for taking the lead. The UMWA wholeheartedly supports this legislation and will work to secure its passage.”
A copy of the bill text can be found here.

MIL OSI USA News –

September 29, 2024
MIL-OSI: Simpleview Launches a New Digital Asset Management System, Tailored for DMOs
Source: GlobeNewswire (MIL-OSI)

TUCSON, Ariz., Sept. 25, 2024 (GLOBE NEWSWIRE) — Simpleview, now part of Granicus, is proud to announce the launch of its newly reengineered digital asset management (DAM) system, Simpleview DAM. This cutting-edge platform is powered by Cloudinary — the image and video technology platform that powers visual experiences for many of the world’s top brands. It is specifically designed to streamline and optimize digital asset management, organization, and delivery for destination marketing organizations (DMOs).

Simpleview, the leading provider of CRM, CMS, and marketing solutions for destinations worldwide, rebuilt Simpleview DAM from the ground up — seamlessly integrating it with the existing tech stack to enhance efficiency and streamline workflows.

This reimagined DAM serves as a centralized hub for all digital assets — including images, videos, and creative media — making it easier than ever for DMOs to manage and distribute content across multiple platforms.

With its powerful features and seamless integration with Simpleview CMS and Simpleview’s tech stack, the platform is set to become an essential tool for DMOs looking to enhance their marketing capabilities and deliver exceptional user experiences.

Supported by Cloudinary’s fully automated Programmable Media transformation and optimization capabilities, DMOs can bring new experiences to market quickly and seamlessly on Simpleview CMS-powered websites. These AI-powered capabilities ensure fast and engaging sites in which every asset is delivered at the highest quality and smallest file size for each user’s unique viewing.

“As fast and flawless visual experiences become increasingly foundational for modern commerce success, it’s critical that brands can quickly and easily manage, transform, optimize, and deliver their images and videos across channels,” said Evgeni Agronik, VP Ecosystems at Cloudinary. “We’re excited that Simpleview’s impressive roster of DMO customers will now have access to the single source of truth and powerful automation that Cloudinary’s intelligent, composable DAM provides.”

Notable features of Simpleview DAM include:
- AI-powered workflows and transformations
- Optimized visual media for a superior user experience
- Simplified operations and editing
- Effortless organization and sharing
- Enterprise-grade scalability
- Comprehensive analytics and reporting
“The launch of Simpleview DAM powered by Cloudinary marks a significant advancement in digital asset management for DMOs,” said Greg Evans, Chief Revenue Officer at Simpleview. “Our SaaS offerings paired with Cloudinary’s AI-backed image and video platform create an enterprise-level ‘SaaS-within-SaaS’ atmosphere — adopting a world-class DAM platform that is now fully integrated with Simpleview’s tourism tech stack, which will help revolutionize asset management and distribution for our clients.”

About Simpleview
Simpleview, now part of Granicus, is a worldwide leading provider of CRM, CMS, website design, digital marketing services, and data insights for convention bureaus, venues, tourism boards, destination marketing organizations (DMOs), and attractions. The company employs staff across the globe, serving clients of all sizes, including small towns, world capitals, top meeting destinations, and countries across multiple continents. For more information, please visit https://www.simpleviewinc.com/.

About Cloudinary
Cloudinary is the image and video technology platform that enables the world’s most engaging brands to deliver transformative visual experiences at global scale. More than two million users and 10,000 customers, including Apartment Therapy, Bleacher Report, Etsy, Grubhub, Mattel, Mediavine, Minted, Paul Smith and Peloton, rely on Cloudinary to bring their campaigns, apps and sites to life. With the world’s most powerful image and video APIs backed by industry-leading artificial intelligence and patented technology, Cloudinary offers a single source of truth for brands to manage, transform, optimize, and deliver visual experiences at scale. For more information, visit www.cloudinary.com.

Media Contact:
Stacie Wingfield
VP of Marketing at Simpleview
859-206-5020
stacie.wingfield@simpleviewinc.com

The MIL Network –
September 29, 2024
MIL-OSI USA: NRCC Announces First TV Ad In CA-09

Source: US National Republican Congressional Committee

The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

September 25, 2024

WASHINGTON – The National Republican Congressional Committee (NRCC) today released the first TV ad in California’s 9^th Congressional district.

The ad exposes self-serving politician Josh Harder stashing his wealth in the notorious Cayman Islands tax haven while voting to raise taxes on Valley families, enriching himself at their expense.

Watch the ad here:

SCRIPT:
Grand Cayman Island
Perfect for a millionaire venture capitalist from San Francisco
It’s where Josh Harder stashed his cash
You know, the Caymans where shady businessmen avoid taxes
While he was stashing his cash, Harder raised taxes on all of us
Over ten billion in tax revenue…
Tax haven for Josh Harder
Tax increases for all of us
Josh Harder: Just another shady politician

MIL OSI USA News –

September 29, 2024
MIL-OSI USA: NASA’s Record-Breaking Laser Demo Completes Mission

Source: NASA

NASA’s TBIRD (TeraByte InfraRed Delivery) demonstration and its host spacecraft — the PTD-3 (Pathfinder Technology Demonstrator-3) — have completed their technology demonstration. The TBIRD payload spent the past two years breaking world records for the fastest satellite downlink from space using laser communications.
NASA’s PTD series leverages a common commercial spacecraft to provide a robust platform for effective testing of technologies with minimal redesign in between launches. After launch in May 2022 on the SpaceX Transporter 5 mission, the PTD-3 spacecraft entered low-Earth orbit and shortly after TBIRD began sending laser communications signals to an optical ground station in Table Mountain, California.

TBIRD’s two-year demonstration showcased the viability of laser communications. Most NASA missions rely on radio frequency communication systems, however, laser communications use infrared light and can pack significantly more data in a single communications link. This technology is ideal for science and exploration missions that need large data transmissions.
In 2023, TBIRD continuously broke its own records, reaching its peak in June when it transmitted 4.8 terabytes of error-free data — equivalent to about 2,400 hours of high-definition video — in five minutes at 200 gigabits per second in a single pass.

The TBIRD payload was one of many laser communications demonstrations. NASA’s SCaN (Space Communications and Navigation) program is maturing this technology to demonstrate the impact laser communications can have for bringing more science and exploration data home. The next demonstration will be on the Artemis II mission.

In addition to breaking a world record, this mission demonstrated cost-effective design and extremely low size, weight, and power requirements — both on the PTD-3 spacecraft and within the TBIRD payload. The tissue-box-sized payload contained two commercial telecommunication modems that the TBIRD team modified for the extreme environment of space.

The PTD-3/TBIRD system also overcame one of the major challenges associated with laser communications: making the narrow beam laser link connection while moving at orbital speeds while being buffeted by atmospheric drag. The PTD-3 spacecraft’s precision “body pointing” and stability enabled the TBIRD payload to make its record-breaking achievement while moving as fast as 17,000 mph through space. The spacecraft set a record for the highest accuracy pointing ever achieved by a NASA CubeSat without any moving mechanisms or propulsion systems.

The end of PTD-3 and TBIRD’s mission was expected. The system did not contain a propulsion system, meaning once it was deployed into its low Earth orbit, the mission could only last until its orbit naturally decayed.
While only planned to operate for six months, TBIRD carried out its demonstration for well over two years, enabling NASA to learn more about laser communications operations in low Earth orbit.
The lessons learned during TBIRD will be applied to future implementations of laser communications and minimize downlink constraints for mission designs enabling future exploration and discoveries.
All of the PTD-3/TBIRD accomplishments were made possible by collaborations across NASA centers and beyond. TBIRD was a collaborative effort among NASA’s Goddard Space Flight Center in Greenbelt, Maryland; NASA’s Ames Research Center in California’s Silicon Valley; NASA’s Jet Propulsion Laboratory in Southern California; the Massachusetts Institute of Technology Lincoln Laboratory in Lexington, Massachusetts; and Terran Orbital Corporation in Irvine, California. Funding and oversight for the TBIRD payload came from NASA’s SCaN (Space Communications and Navigation) program office within the Space Operations Mission Directorate at NASA Headquarters. The PTD-3 mission was managed and funded by the Small Spacecraft Technology program within NASA’s Space Technology Mission Directorate.

MIL OSI USA News –

September 29, 2024
MIL-OSI USA: NYC’s First Mixed-Use Housing & Light Manufacturing Space

Source: US State of New York

Governor Kathy Hochul today announced the completion of a new, mixed-use residential and light manufacturing development, located in Brownsville, Brooklyn. The $118 million complex reimagines the former Fox’s U-Bet Chocolate Syrup factory at Rockaway Avenue and Newport Street as the Greenpoint Manufacturing and Design Center’s Brownsville Industrial Center. The development includes 39,000 square feet of affordable, top-of-the-line light manufacturing space on the ground-floor; Bridge Rockaway, a residential building with 174 units of affordable and supportive housing above the manufacturing space; and a 2,000 square-foot community space, spanning half a city block. It is the first new project in New York City to co-locate affordable housing and light manufacturing space on the same site.

“Our continued efforts to foster renewal in Central Brooklyn are what this development is all about,” Governor Hochul said. “Bridge Rockaway with its affordable homes and supportive services in combination with light manufacturing, which has long provided the pathways to the middle class for Brooklynites, is spurring a fresh start for this piece of Brownsville. This is what it means to be pro-housing and pro-business. Congratulations to The Bridge, the Greenpoint Manufacturing and Design Center and their partners for bringing these new homes and jobs to the people of Brooklyn.”

Bridge Rockaway, the residential development at 203 Newport Street, consists of two residential towers – a six-story structure and a seven-story structure – separated by an 11,000-square-foot garden. Units will be affordable to residents earning between 30 percent and 70 percent of the Area Median Income, and 87 units with on-site supportive services will be set-aside for veterans, seniors, and other individuals struggling with homelessness. Residents will have access to the building’s vibrant garden terrace, a reception area with 24/7 staffing, a computer room, community rooms, a bicycle room, and storage and laundry facilities. The Bridge, which operates supportive housing and behavioral health services for New Yorkers living with behavioral health concerns, will own and operate Bridge Rockaway and provide on-site services.

The GMDC Brownsville Industrial Center at 805 Rockaway Avenue includes 10 units, ranging in size from 1,250 square feet to 6,000 square feet, for light manufacturing businesses that might include custom woodworkers, cabinet makers and artisanal tradespeople, such as set builders and display makers; home goods manufacturers; metal workers and finishers; and garment makers; among others. GMDC’s space features a loading dock with hydraulic lift and a state-of-the-art finishing room for industrial tenants. In addition to these and other services and amenities, GMDC has invested more than $11.5 million abatement measures to ensure the safe coexistence of residential and industrial tenants. GMDC’s project is expected to create up to 35 direct jobs, in addition to indirect jobs and investment. The space is owned and operated by GMDC, a nonprofit industrial developer and property manager with a portfolio of more than 685,000 square feet of industrial space across New York City. The project serves as a model for developing affordable housing on underutilized manufacturing property, while maintaining manufacturing use.

State support includes a $1.6 million capital grant from Empire State Development to support the GMDC Brownsville Industrial Center, per the recommendation of the New York City Regional Economic Development Council. New York State will also provide $11.4 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that will generate $46 million in equity, and $16.9 million in subsidy through New York State Homes and Community Renewal. The New York State Office of Temporary and Disability Assistance is providing $6.5 million through the Homeless Housing Assistance Program, as well as rental subsidies funded through the Empire State Supportive Housing Initiative.

Additional funding is being provided by the City and other public and private sources. The New York City Department of Housing Preservation and Development is providing $17.1 million in support of the project’s residential portion. The U.S. Small Business Administration, the New York City Economic Development Corporation, the New York City Neighborhood Capital Corporation, New York City Industrial Development Agency, JP Morgan Chase, the Partnership Fund for New York City, Enterprise Community Loan Fund, and National Grid also provided support.

The project development team includes The Bridge, Mega Development and Greenpoint Manufacturing and Design Center. The building was designed by THINK! Architecture and Design.

Governor Hochul’s Housing Agenda

Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide, and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date.

Last August, Governor Hochul also announced the Pro-Housing Communities Program. Pro-Housing Community certification is a requirement for localities to access up to $650 million in State discretionary funding. To date, more than 160 communities have been certified, including New York City.

Housing and Community Renewal Commissioner RuthAnne Visnauskas said, “The environmentally sustainable coexistence of affordable housing and manufacturing in this $118 million, 174-apartment development offers a promising template for the future. Governor Hochul knows that every thriving community needs both quality homes and business. Bridge Rockaway and the GMDC Brownsville Industrial Center provide both, plus dedicated wraparound services for seniors, veterans and people who have been chronically unhoused. In terms of what this brings to the neighborhood, it is truly a holistic development – the complete package. We at HCR are proud of the part we played, along with our sister agencies, to bring the shared dream of the Bridge and GMDC to fruition.”

Empire State Development President, CEO and Commissioner Hope Knight said, “Today’s ribbon-cutting for Bridge Rockaway and the GMDC Brownsville Industrial Center is a significant step forward in New York State’s commitment to providing affordable housing and driving economic growth in Brooklyn. The inclusion of 39,000 square feet of light manufacturing space not only supports local small businesses but also creates sustainable jobs. This project demonstrates how strategic investments in both housing and manufacturing can uplift communities and build a stronger, more inclusive economy.”

Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “We are grateful to Governor Hochul for her steadfast commitment to expanding the supply of permanent supportive housing options across New York State and helping vulnerable New Yorkers break the cycle of homelessness. The opening of Bridge Rockaway provides formerly homeless individuals – including those with mental illness, veterans with disabilities and older adults – with much-needed affordable housing in Brownsville, Brooklyn, that includes essential services that will help the residents live safely and successfully in the community.”

Greenpoint Manufacturing and Design Center CEO Brian T. Coleman said, “After nearly eight years of planning, development and construction, we are thrilled to finally open our doors. This project does what no one thought was possible: putting 39,000 square feet of light manufacturing space, more than 170 units of housing, and a community facility on the same site safely and affordably. Now, as we get ready to welcome our first tenants, I thank our partners at The Bridge, Mega Development, and at every level of government for supporting our vision to transform this block and create a stunning new home for businesses and residents in Brownsville.”

The Bridge CEO Susan Wiviott said, “When The Bridge conceived this project, our goal was to create much needed supportive and affordable housing while preserving manufacturing uses. This first of its kind project proves a concept that can be replicated across the City. I am deeply grateful to our entire development team, particularly Mega Development, Think! Architecture and Design, and GMDC for seeing this project through to completion. We look forward to welcoming our first residents early next week.”

New York City Economic Development Corporation (NYCEDC) President & CEO Andrew Kimball said, “GMDC’s Brownsville Industrial Center is a fantastic example of a nontraditional approach to addressing two of the City’s priorities; providing much-needed new affordable housing while also creating modern manufacturing space and good jobs. NYCEDC congratulates GMDC and its partners on this remarkable project that can set a model as we work toward a more affordable and equitable city.”

NYCREDC Co-Chairs Félix V. Matos Rodríguez and William D. Rahm said, “The NYCREDC is proud to support Bridge Rockaway and the GMDC Brownsville Industrial Center, which not only address the critical need for affordable housing but also strengthens Brownsville’s economy through job creation in the manufacturing sector. By integrating affordable housing with light manufacturing space, we’re creating a vibrant mixed-use environment that will provide both homes and jobs for New Yorkers, fostering long-term benefits for local residents and businesses alike.”

State Senator Roxanne J. Persaud said, “Thanks to a concerted effort by state, federal and local government funders, Bridge Rockaway is bringing much-needed housing to Brownsville. Of the 174 units, half will be affordable to households earning up to 70 percent Area Median Income (AMI), and the other half will be supportive units for older New Yorkers, veterans and people who have experienced homelessness. This new development is an exciting opportunity for my constituents.”

Assemblymember Latrice Walker said, “It’s no secret that we have an affordable housing shortage in New York State. The lack of affordable housing is particularly acute among seniors and those who wage a daily battle against homelessness. Not only does a development like Bridge Rockaway offer affordable units, but the complex also offers 87 apartments with supportive services for seniors, veterans and formerly homeless New Yorkers. I’m also excited about the inclusion of manufacturing space that will create up to 35 jobs. Please count me as a resource if you need help connecting people from the community with those job opportunities.”

New York City Mayor Eric Adams said, “For too long, our zoning laws lived in the past, ignoring the realities of today and the bold possibilities of tomorrow. This new development in Brownsville, Brooklyn is symbolic of the endless potential that still rests in our City. Affordable and supportive housing, industrial development and community space all come together in one mixed-use development, transforming an entire neighborhood. When we open our doors and say, ‘yes’ to housing, jobs and opportunity, there’s nothing our City cannot do.”

New York City Housing, Economic Development and Workforce Deputy Mayor Maria Torres-Springer said, “Congratulations to the entire development team on the opening of this exciting and path-breaking project, one that will deliver 170 units of affordable and supportive housing and roughly 40,000 square feet of industrial space. This $118M project exemplifies the spirit of the City of Yes and a modern, flexible approach to building housing while simultaneously supporting a modern industrial sector.”

Brooklyn Borough President Antonio Reynoso said, “New housing and new jobs are a recipe for economic success, and the Bridge Rockaway and GMDC Brownsville Industrial Center complex brings that mixed-use success to our borough. Thanks to this new complex, our neighbors in eastern Brooklyn will have 174 units of new housing, with 87 apartments dedicated to older adults, veterans, and chronically homeless adults, as well as tens of new manufacturing jobs that will benefit Brooklyn’s economy. I am proud to see this mixed-use development come to our borough and thank the many partners who made this day possible.”

MIL OSI USA News –

September 29, 2024
MIL-OSI USA: CONGRESSMAN JONATHAN L. JACKSON CALLS FOR REFORM AFTER BIPARTISAN SENATE REPORT ON SECRET SERVICE FAILURES

Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

Senate Releases Bipartisan Report on Secret Service Failures During Assassination Attempt on Former President Trump

CONGRESSMAN JONATHAN L. JACKSON CALLS FOR REFORM AFTER BIPARTISAN SENATE REPORT ON SECRET SERVICE FAILURES

FOR IMMEDIATE RELEASE

Date: September 25, 2024

Senate Releases Bipartisan Report on Secret Service Failures During Assassination Attempt on Former President Trump

Washington, D.C. – Today, the U.S. Senate Homeland Security and Governmental Affairs Committee, along with the Permanent Subcommittee on Investigations, released a bipartisan interim report detailing significant security failures by the U.S. Secret Service (USSS) during the July 13, 2024, assassination attempt on former President Donald J. Trump in Butler, Pennsylvania.

The report, led by Senators Gary Peters (D-MI), Rand Paul (R-KY), Richard Blumenthal (D-CT), and Ron Johnson (R-WI), highlights critical lapses in security planning, communications, and coordination that directly contributed to the incident. Key findings include a lack of a clear chain of command, poor coordination with state and local law enforcement, inadequate resources and equipment, and a failure to secure the site effectively.

Senator Gary Peters, Chairman of the Homeland Security and Governmental Affairs Committee, stated, “The Secret Service’s failures that allowed an assassination attempt on former President Trump were shocking, unacceptable, and preventable. Our bipartisan interim report makes recommendations for needed reforms to address these serious failures and ensure the Secret Service has the tools and resources they need to prevent another disaster like this from happening.”

Senator Rand Paul, Ranking Member, added, “Our initial findings clearly show a series of multiple failures of the U.S. Secret Service and an inexcusable dereliction of duty. Someone needs to be held accountable for these egregious failures.”

In response to this report, Congressman Jonathan L. Jackson stated:

There is no place for violence in American politics. That is why I joined with my colleagues in the House to unanimously approve additional funding for the U.S. Secret Service. But funding alone is not enough, the Secret Service needs significant reforms. In addition to the multiple attempts and plots against the former President, we have seen a rise in threats against Supreme Court Justices and other elected officials and candidates for office.

Additionally, we must lower the temperature of American political discourse. We said this after the attempted assassination of Congresswoman Gabbi Gifford, we said the same thing after the attempted assassination of Congressman Steve Scalise, and we said the same thing after the FIRST attempted assassination of former President Trump. The stakes are too high for us to continue business as usual. Not only are our lives on the line, but our republic is also on the line. If we fall into government based on violence, threats, fear, and intimidation; we lose the last bastion of freedom, liberty, and justice in the world.

America is the last best hope for a better world, we cannot allow political division and violence to destroy the dreams of our founder.”

The report also includes recommendations to improve the Secret Service’s protective mission, emphasizing the need for better communication, enhanced coordination with other law enforcement agencies, and upgraded technology and resources.

###

MIL OSI USA News –

September 29, 2024
MIL-OSI Security: Seven People Charged with Over $40 Million in Medicare and Medicaid Fraud

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

DENVER – The United States Attorney’s Office for the District of Colorado announces that Ronald King, 51, formerly of Berlin, New Hampshire, and now residing in Bangor, Maine, Victor Roiter, 55, of Sunny Isles Beach, Florida, Tina Wellman, 51, of Mayfield, New York, Adam Shorr, 55, of Dunedin, Florida, Robert O’Sullivan, 55, of Lake Sherwood, California, Bradley Edson, 66, of Mesa, Arizona, and John Gautereaux, 59, of Temecula, California were indicted by a federal grand jury on charges related to defrauding Medicare and Colorado Medicaid.

According to the indictment, the defendants were involved together through a variety of corporate entities including as owners of Tesis Labs, LLC, a parent company that owned and operated genetic testing labs, including Claro Scientific Laboratories, Inc., based in Lafayette, Colorado, and 303 Diagnostics LLC, based in Aurora, Colorado. The indictment alleges that defendants King, Roiter, Wellman, and Shorr conspired to defraud Medicare and Colorado Medicaid through several means, including by paying kickbacks and bribes to purported marketing companies for referrals for fraudulent and medically unnecessary genetic testing. These referrals in turn led to more than $40 million in false and fraudulent claims paid by Medicare and Colorado Medicaid to the laboratories for the genetic testing claims. The indictment alleges that all seven defendants participated in a conspiracy to offer and pay illegal bribes and kickbacks in connection with health care benefit programs, including Medicare, Colorado Medicaid, and private health insurance plans. The defendants agreed to pay kickbacks and bribes to individuals and entities they identified as “marketers” to solicit patients, including elderly Medicare beneficiaries, to participate in unnecessary genetic testing and to obtain doctors’ signatures on testing order forms for these patients. Many of these kickback recipients used call centers to target elderly Medicare beneficiaries. Finally, the indictment alleges that defendants King, Roiter, and Wellman conspired to launder the proceeds of the first two conspiracies described above.

Defendants King, Wellman, Shorr, O’Sullivan, Edson, and Gautereaux made initial appearances in Denver, Colorado, between August 26 and September 5, 2024, in front of Magistrate Judge Susan Prose.

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

The case is being investigated by the Department of Health and Human Services – Office of the Inspector General, the Federal Bureau of Investigation Denver Field Division, and the Internal Revenue Service – Criminal Investigation. The case is being prosecuted by Anna Edgar.

MIL Security OSI –

September 29, 2024
MIL-OSI: E Ink Wins Manufacturer of the Year at the 9th Annual Massachusetts Manufacturing Awards Ceremony

Source: GlobeNewswire (MIL-OSI)

BILLERICA, Mass., Sept. 25, 2024 (GLOBE NEWSWIRE) — E Ink (8069.TW) the originator, pioneer, and global commercial leader in ePaper technology, today announced that the Commonwealth of Massachusetts recognized E Ink as a leading manufacturer in the state at the 9th Annual Manufacturing Awards. Companies across the Commonwealth, including E Ink, were honored by the Legislative Manufacturing Caucus and accepted their awards on September 25 at Gillette Stadium.

The award recognizes E Ink in part because of its ongoing manufacturing and production of ePaper displays in Massachusetts. E Ink’s Billerica and South Hadley facility has been actively producing the Company’s proprietary ink and film products since 2009. E Ink has since acquired both sites and plans further expansion in the future. The Company is also looking to invest in automation within the factories to stay competitive in a challenging manufacturing environment.

The most notable product manufactured in Massachusetts is E Ink’s black and white ink and film, which is used in millions of eReaders and electronic shelf labels, in transportation signs throughout the world, including at the MBTA, and in the world’s first color-changing car, produced with BMW. E Ink’s innovative and rugged ePaper enables a variety of applications that value a low power display that is easy on the eyes.

“Massachusetts stands at the forefront of advanced manufacturing in the United States, thanks to the collaborative efforts of government and industry,” said Paul Apen, E Ink’s US Chief Operating Officer. “Under the leadership of Speaker Mariano, Senate President Spilka, and Governor Healey, the Legislature has made strategic investments in this critical sector. At E Ink, we are committed to driving innovation, enhancing production, and creating jobs for residents in the Commonwealth.”

Formed in August 2014, the Manufacturing Caucus includes more than 70 legislators from around the Commonwealth. Lawmakers focus on training for manufacturing employees, encouraging innovation by helping start-ups access resources, and expanding apprenticeship opportunities in key manufacturing sectors. To celebrate October’s Manufacturing Month, the Commonwealth’s Legislative Manufacturing Caucus teamed up with The Center for Advanced Manufacturing (CAM), along with MassMEP, MassRobotics, Forge, WPI, and the MassHire boards, who hosted the “Massachusetts Manufacturing Mash-Up” at Gillette Stadium in Foxborough, Massachusetts.

As a global leader in ePaper technology, E Ink is not only committed to delivering innovative technology via advanced manufacturing processes but is also prioritizing sustainability. The company is actively focused on reducing carbon emissions throughout the product design and manufacturing processes by conducting carbon footprint verification and providing customers with a sustainable framework for the design and integration of ePaper products.

E Ink has also set the ambitious goal of achieving Net Zero by 2040 and RE100 by 2030, which means sourcing the company’s entire energy utilization from renewable sources. As of December 2023, E Ink’s global operations and sales sites have already achieved RE35 with factories and offices in Billerica, Fremont, and South Hadley (United States), and sales offices in Tokyo (Japan) and Seoul (South Korea), successfully reaching RE100 by using 100 percent renewable energy. In September 2023, E Ink’s science-based greenhouse gas (GHG) emissions reduction targets were validated and approved by the Science Based Targets initiative (SBTi). For years, E Ink was identified as having 99.9 percent of Green Revenue according to the FTSE Russell Green Revenue 2.0 Data Model, underscoring the positive environmental impact of ePaper products.

About E Ink

E Ink Holdings Inc. (8069.TWO), based on technology from MIT’s Media Lab, provides an ideal display medium for applications spanning eReaders and eNotes, retail, home, hospital, transportation, logistics, and more, enabling customers to put displays in locations previously impossible. E Ink’s electrophoretic display products make it the worldwide leader for ePaper. Its low power displays enable customers to reach their sustainability goals, and E Ink has pledged using 100% renewable energy in 2030 and reaching net zero carbon emissions by 2040. E Ink has been recognized for their efforts by receiving, validation from Science-Based Targets (SBTi) and is listed in both the DJSI World and DJSI Emerging Indexes. Listed in Taiwan’s Taipei Exchange (TPEx) and the Luxembourg market, E Ink Holdings is now the world’s largest supplier of ePaper displays. For more information please visit www.eink.com. E Ink. We Make Surfaces Smart and Green.

Contact:
V2 Communications on behalf of E Ink
eink@v2comms.com

The MIL Network –

September 29, 2024
MIL-OSI Security: Independence Man Sentenced for Fentanyl Trafficking, Illegal Firearm

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

KANSAS CITY, Mo. – An Independence, Mo., man was sentenced in federal court today for his role in a conspiracy to distribute fentanyl and for illegally possessing a firearm.

Wiser Key, 25, was sentenced by U.S. District Judge Roseann Ketchmark to 25 years in federal prison without parole.

On March 27, 2024, Key pleaded guilty to one count of conspiracy to distribute fentanyl and one count of possessing a firearm in furtherance of a drug-trafficking crime.

Key admitted that he engaged in drug transactions with an undercover law enforcement officer. In one transaction, for example, the undercover officer paid Key $8,500 in exchange for 1,000 counterfeit oxycodone tablets, which contained fentanyl. In another transaction, an undercover officer paid Key $6,000 in exchange for 750 counterfeit oxycodone pills, which contained fentanyl.

On April 30, 2021, law enforcement officers executed a search warrant at Key’s residence. Officers found multiple plastic bags that contained tablets, approximately 8 kilograms of suspected THC wax, approximately 39 grams of suspected cocaine, multiple bags of suspected marijuana, an FN handgun, a loaded Glock .40-caliber handgun, a loaded Springfield 9mm handgun, a loaded Sig Sauer .40-caliber handgun, a Harrington and Richardson 20-gauge shotgun, and $24,676 in cash.

According to court documents, Key distributed at least 120,000 counterfeit pills, which contained fentanyl, during the conspiracy. He and a co-defendant purchased 4,000 to 5,000 pills at a time from sources in Mexico.

Key is the first defendant to be sentenced in this case. Co-defendants Nilolas Albright, 30, of Cameron, Mo., and Demasjiay Cruse, 25, of St. Joseph, Mo., have pleaded guilty to their roles in the drug-trafficking conspiracy and await sentencing.

This case is being prosecuted by Assistant U.S. Attorneys Maureen A. Brackett, Stephanie C. Bradshaw and John C. Constance. It was investigated by the U.S. Drug Enforcement Administration; the FBI; IRS-Criminal Investigation; the Kansas City, Kan., Police Department; the Kansas City, Mo., Police Department; the Buchanan County, Mo., Sheriff’s Department; and the St. Joseph, Mo., Police Department.

Organized Crime and Drug Enforcement Task Force

This case is part of an Organized Crime Drug Enforcement Task Forces (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 https://www.justice.gov/OCDETF.

MIL Security OSI –

September 29, 2024
MIL-OSI USA: Sorensen Announces Over $12.2 Million for Safety Upgrades at Local Airports

Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

MOLINE, IL – Today, Congressman Eric Sorensen (IL-17) announced $12,269,860 from the U.S. Department of Transportation for safety and infrastructure upgrades at Chicago-Rockford International Airport (RFD) in Rockford, the Quad Cities International Airport in Rock Island County, and the Central Illinois Regional Airport (CIRA) in McLean County.

“Too many of my neighbors across Central and Northwestern Illinois have to travel miles and sit through hours of traffic just to catch their flights at O’Hare or Midway,” said Sorensen. “By investing in safety upgrades at our local airports, our communities will have better access to affordable air travel right in their backyards. This important funding will be used to repair runways, prevent flooding, and purchase new safety equipment that will make our local airports sustainable for the future. I will always look for ways I can bring tax dollars back home to build up our communities through reliable transportation options.”

Northern Illinois

“We sincerely thank the FAA’s Airport Improvement Grant Program for the nearly $8 million in grant funding to support RFD’s taxiway replacement project,” said Zack Oakley, Executive Director of Chicago Rockford International Airport. “This vital taxiway section, used by all aircraft operating at RFD, was built during the early 1990s and has been crucial to our operations for over 30 years. With this support, we will replace the infrastructure and continue delivering safe, efficient, and excellent service to all, further strengthening our role as the economic engine of Northern Illinois and specifically the Rockford region.”

The Greater Rockford Airport Authority will receive $7,946,166 to reconstruct 2,624 feet of the existing paved Taxiway F pavement that has reached the end of its useful life at Chicago-Rockford International Airport.

Western Illinois

“The Metropolitan Airport Authority of Rock Island County appreciates the continued support of Senators Durbin and Duckworth as well as Congressman Sorensen in securing discretionary federal funding to support the Quad Cities International Airport,” saidBenjamin Leischner, A.A.E., Executive Director, Quad Cities International Airport. “This money will be used to improve airport safety by eliminating standing water on the airfield that has historically been an attractant to wildlife. Construction is estimated to begin next year with a local contractor.”

The Metropolitan Airport Authority of Rock Island County will receive $2,765,727 to construct new drainage improvements to adequately handle storm water runoff and mitigate substances that attract wildlife at the Quad Cities International Airport.

Central Illinois

“The Bloomington-Normal Airport Authority is grateful for Congressman Sorensen’s support of the Central Illinois Regional Airport and, specifically, for this new infrastructure and safety grant,” said Alan Sender, Chairman of the Board of Commissioners for the Bloomington-Normal Airport Authority. “The federal grant announced by the Congressman will advance two major projects at CIRA in the years ahead: the rehabilitation of Runway 11/29 and the purchase of a new aircraft rescue and fire fighting vehicle. Both components are key for the continued safe operation of the airport.”

The Bloomington-Normal Airport Authority will receive $1,557,967 for CIRA to replace one existing rapid response aircraft rescue and fire fighting vehicle to meet safety requirements. In addition, this funding will be used to rehabilitate 5,960 feet of the existing paved Runway 11/29 at CIRA to maintain the structural integrity of the pavement and minimize foreign object debris.

Congressman Eric Sorensen serves on the House Committee on Agriculture and the House Committee on Science, Space, and Technology. Prior to serving in Congress, Sorensen was a local meteorologist in Rockford and the Quad Cities for nearly 20 years. His district includes Illinois’ Quad Cities, Rockford, Peoria, and Bloomington-Normal.

###

MIL OSI USA News –

September 29, 2024
MIL-OSI: H&R Block Publishes Fifth Annual ESG Report
Source: GlobeNewswire (MIL-OSI)

KANSAS CITY, Mo., Sept. 25, 2024 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) today published its fifth Annual Environmental, Social, and Governance (ESG) Report for fiscal year 2024 (July 1, 2023 – June 30, 2024). The Annual ESG Report reflects H&R Block’s ongoing commitment to transparency, sustainability, and responsible business practices in key areas such as environmental impact, social responsibility, corporate governance, stakeholder engagement, and more.

“At H&R Block, our Purpose is to provide help and inspire confidence in our clients and communities everywhere. As part of this Purpose, we believe in doing our part to be a responsible corporate citizen – which has been a part of our culture and aspirations from the very beginning,” said Jeff Jones, president, and CEO of H&R Block. “Together, we can continue to deliver on our Purpose and make a positive impact.”

Notable highlights from the 2024 Annual ESG Report include:
- On the Environmental front, H&R Block’s ‘Path to Print Less’ initiative reduced the number of total pages printed across its retail footprint by 36%. The company also introduced a new associate-led composting program at its corporate headquarters’ public cafeteria and sharpened its GHG emissions inventory by adding additional categories to its Scope 3 calculation.
- Within the Social category, the company furthered its commitment to easing the financial burdens of clients, continued to honor co-founders Henry and Richard Bloch’s legacy of service, and gave back to local communities through its Make Every Block Better impact platform.
  - Spruce¹, H&R Block’s mobile banking platform, is delivering on its mission to help people be better with money
    
    Since launch through June 30, 2024, Spruce had 476K sign ups and is nearing a milestone of $1B in customer deposits. The company saw positive deposit trends, indicating Spruce is empowering clients to grow their financial health, and build financial literacy.
  - The launch of H&R Block’s AI Tax Assist tool in all DIY Online paid SKUs
    
    The genAI powered experience was designed to streamline the tax preparation process for clients to file and manage their taxes confidently. The technology performed well as feedback indicated that the tool was easy to use, helpful in the tax prep process, and clients found value in it.
  - The inaugural year of ‘Fund Her Future’, H&R Block’s small business grant program
    
    H&R Block provided $100K in funds and services to empower select women-owned businesses—particularly those focused on making a difference in their communities—to reach their full potential.
  - Supporting Connected Culture and more in-person engagement through Block Party events
    
    Centered around bringing local associates and teams together, H&R Block introduced quarterly Block Party events at their corporate headquarters in Kansas City. Attendees had the opportunity to attend several Belonging events, networking sessions, professional panels, and other various engagement activities.
- Regarding Governance, H&R Block strives to maintain a culture of integrity, transparency, and accountability throughout all levels of the organization. The company is committed to strong ethical practices, responsible decision-making, and effective governance structures.
For more information and to read H&R Block’s FY24 Annual ESG Report, click here.

¹Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and debit card issued by, Pathward^®, N.A., Member FDIC.

About H&R Block

H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time, and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

The MIL Network –
September 29, 2024
MIL-OSI USA: Rosen, Shaheen, Baldwin Introduce Legislation to Increase Startup Tax Deduction to $50,000

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)
Currently, Entrepreneurs Can Only Write Off $5,000 In Costs When Starting A New Business
A Recent Survey Found That Small Business Owners Spend An Average Of $40,000 To Get Their Businesses Off The Ground
WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV), Senate Committee on Small Business and Entrepreneurship Chair Jeanne Shaheen (D-NH), and Senator Tammy Baldwin (D-WI) introduced legislation to provide more tax relief to entrepreneurs looking to start a small business, and reduce barriers for startups. The Tax Relief for New Businesses Act would increase the startup tax deduction from $5,000 to $50,000, and allow businesses to write off more expenses to compensate for the increasing cost of starting a business. Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.
“It’s getting harder and more expensive for local entrepreneurs to turn their dreams of starting their own small business into reality, which is why I’m proud to introduce legislation to increase the startup tax deduction from $5,000 to $50,000,” said Senator Rosen. “This is a common-sense step to make this tax deduction practical and helpful for startups, and I’ll keep working to support Nevada’s entrepreneurs and small business owners.”
“Allowing small businesses to deduct more of their startup expenses will help support the growth of the 19 million new businesses formed during the Biden-Harris administration while creating good-paying jobs in our communities,” said Small Business and Entrepreneurship Chair Shaheen. “Small businesses are the backbone of our economy, and in the Granite State, approximately two thirds of job creation is done through small businesses. With legislation like the Tax Relief for New Businesses Act we can continue to spur job growth while giving entrepreneurs a fair shot at success.”
“On Main Streets across Wisconsin, small businesses are creating jobs and contributing to our local economies. For too many entrepreneurs, starting a business can be out of reach and it’s our job to break down the barriers in their way so more Americans can pursue their dreams,” said Senator Baldwin. “This legislation is a commonsense step that will unlock opportunities for Wisconsin’s next generation of small businesses and help ensure they have the capacity to grow, innovate, and shape the future of the Badger state.”
“The Reno + Sparks Chamber of Commerce is enthusiastic about Senator Rosen’s bill, that if passed, would open doors to hundreds of entrepreneurs who dream of developing and owning a small business in our community,” said Ann Silver, CEO of the Reno + Sparks Chamber of Commerce. “The Tax Relief for New Business Act would stimulate commerce and enable our small business economy to be determined by those with the grit and determination to be successful.”
“Starting a business is a vote of confidence in the future,” said Richard Trent, Executive Director of Main Street Alliance. “Men and women all across the country start businesses that help our communities thrive. Small businesses are connected to their communities, sponsoring little league teams, providing employment and creating a robust culture and economy. But one of the most difficult parts of starting a business is having the capital to do so. A lack of generational wealth, unfair lending practices and discrimination make this difficult for too many. The Tax Relief for New Businesses Act is a huge step in the right direction to level the playing field and jump start Main Streets all across America.”
“Repeated research has demonstrated that new businesses – ‘startups’ – are a critical driver of economic growth, job creation, and opportunity expansion,” said John Dearie, President of Center for American Entrepreneurship. “But launching a new business costs money. And because startup costs are incurred long before the first dollar of revenue, those costs can be a major obstacle to new business formation. That’s why the Tax Relief for New Businesses Act is so important. The Act would increase the tax deduction of startup costs from $5,000 to $50,000, expand the types of expenses eligible for the deduction, and stretch the phase-out threshold of the credit from $50,000 to $150,000, allowing entrepreneurs to write-off more of the costs required to launch their business once they become profitable. The legislation is powerfully pro-entrepreneurship, pro-growth, and pro-job creation. CAE thanks Senators Jacky Rosen (D-NV), Tammy Baldwin (D-WI), and Jeanne Shaheen (D-NH) for their leadership and looks forward to working with them to ensure swift passage of the legislation.”
This legislation is endorsed by the Reno+Sparks Chamber of Commerce, Main Street Alliance, Center for American Entrepreneurship, and the Vegas Chamber.
As a member of the Committee on Small Business and Entrepreneurship, Senator Rosen has been a champion of Nevada’s small business community. Every year, she leads her Senate colleagues in pushing for robust funding to support small businesses and cut burdensome red tape. Senator Rosen has introduced the bipartisan Minority Entrepreneurship Grant Program Act to establish a Minority Entrepreneurship Grant Program through the Small Business Administration (SBA) to award grants to Minority Serving Institutions to promote and increase opportunity. She also introduced the bipartisan One Stop Shop For Small Business Licensing Act to require the SBA to create a centralized website that includes federal, state, and local licensing and business permit information for starting a small business.

MIL OSI USA News –

September 29, 2024
MIL-OSI USA: Dr. Rand Paul Forces Vote on Six Penny Plan to Balance the Federal Budget in Five Years

US Senate News:

Source: United States Senator for Kentucky Rand Paul
FOR IMMEDIATE RELEASE:
September 25, 2024
Contact: Press_Paul@paul.senate.gov, 202-224-4343

Dr. Rand Paul Forces Vote on Six Penny Plan to Balance the Federal Budget in Five Years
Senate Votes 39-56 on Dr. Paul’s Six Penny Plan
WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY) forced the Senate to vote on his “Six Penny Plan” federal budget that will balance within five years. Dr. Paul spoke on the Senate floor ahead of the vote, below are excerpts from his remarks.
“This year, the United States will spend over $6 trillion while only bringing in $4 trillion in revenue. That’s a profound gap, $2 trillion will be borrowed this year. To add insult to injury, Congress spends like drunken sailors without even bothering to pass a budget…In fact, over the past 20 years, Congress has passed a budget less than half the time. So, today, I will attempt to do what both parties have failed to do and that is pass a budget…The Penny Plan that I offer today will balance the budget in 5 years.
“Americans will pay dearly for Congress’s insatiable appetite for more and more spending. The high level of spending that is currently crushing the American family is just the beginning. If we continue down this unsustainable path, American families will be forced to deal with even higher inflation, confiscatory tax rates, rising interest rates, and a weak economy. It will be harder to find a job and provide for a family because the deals made in the halls of Congress always stick the taxpayers with the bill.
“As interest payments on the national debt crowd out the rest of the government’s budget, tax increases, inflation, and an eventual default on the debt are what lie ahead for the American economy. Unfortunately, a debt crisis will not just stop with our economy. A threat to our financial security is also a threat to our national security.
“Even the Biden-Harris Administration’s own Treasury has admitted that our current path is unsustainable. The math is clear, and I urge my colleagues: do not get in an argument with math. You will lose.
“Our current trajectory weakens our national security and drains productivity from our economy. History will remember those who had the courage to make the hard choices now and who chose to leave their children with less of the burden. For just six pennies on the dollar, we can reverse this dismal trajectory. In just five years, we can restore trust in the U.S. dollar, the U.S. economy, and walk the U.S. government off the fiscal cliff. Vote yes on this plan, vote yes on restoring fiscal sanity, vote yes on securing a future for our country.”
You can watch Dr. Paul’s full floor remarks HERE and HERE.
Background:
The Six Penny Plan is a federal budget resolution that will balance on-budget outlays and revenues within five years by cutting six pennies off every dollar projected to be spent in the next five fiscal years. This plan is the most recent in a series of plans that Dr. Paul has introduced to address an ever-worsening budget crisis:
In the 100 days between CBO’s February and June budget baselines, the federal government added an additional $540 billion to the national debt (an additional $1,600 per U.S. citizen).
CBO’s June estimates increased projected deficits by $2.5 trillion over CBO’s February estimates.
Interest payments on the debt account for more spending than our entire defense budget.
At over $35 trillion, the national debt is nearly double the amount of total bank deposits in the U.S. In other words, emptying every bank account in the U.S. would only cover half of the government’s debt.
In 2017, Dr. Paul introduced a budget that would have only required a spending freeze to balance in five years. An annual six percent cut is now required to achieve the same results. Dr. Paul’s Six Penny Plan implements these cuts while preserving congressional discretion regarding how to achieve these spending targets. This plan would:
Reduce spending by $329 billion in the first year. The plan would continue to cut six percent until balance in year five, then allows spending to rise with the pace of revenues in the five years remaining.
Make no specific policy assumptions. All savings are reflected in the newly defined budget function 930: New Efficiencies, Consolidations, and Other Savings. The budget sets a goal of balance and then calls on Congress to make the changes needed to achieve this objective.
Assume the 2017 Tax Cuts and Jobs Act is made permanent (originally set to expire in 2027). Since CBO originally assumed this would expire and federal revenues would increase, this plan accounts for the decrease in projected revenues if TCJA were to be made permanent.
You can read the Six Penny Plan HERE.
Dr. Paul’s Six Penny Plan has wide support:
“For decades, the government has spent beyond its means and expected hardworking taxpayers to foot the bill. This reckless spending in Washington has delivered nothing but record inflation, leaving the American people unable to make ends meet. It’s past time for Congress to make the hard decisions required to put our financial house back in order. Heritage Action thanks Sen. Paul for his consistent support for fiscal responsibility and backs his ‘Six Penny Plan’ to balance the budget,” said Ryan Walker, Executive Vice President of Heritage Action.
“The Council for Citizens Against Government Waste supports Sen. Paul’s amendment to cap spending for five years and achieve a balanced budget. His proposal to cut spending by 6 percent annually should be supported by every senator who believes in fiscal responsibility and getting the nation back on the right track,” said Tom Schatz, President of Council for Citizens Against Government Waste.
“Senator Paul has been a true pioneer in new concepts for fiscal responsibility, with his first introduction of a Penny Plan to balance the budget back in 2017. At the time, achieving eventual balance would have only required cutting 1 cent per dollar of federal spending. However, due to continued reckless policies, a Six Penny Plan, requiring annual 6 percent savings to tackle deficits, is now necessary. Senator Paul’s legislation also locks in the pro-growth Tax Cuts and Jobs Act, preventing tax hikes on top of inflation. Also important, the Six Penny Plan wisely proposes scorekeeping reforms to identify duplicate programs in new proposals and strengthened budget enforcement in the Senate. Taxpayers can only hope that Congress acts swiftly on the Six Penny Plan, so Senator Paul won’t need to introduce a Dime Plan or, worse, a Quarter Plan,” said Demian Brady, Vice President of Research, National Taxpayers Union Foundation.
“Senator Rand Paul has been fighting for fiscal responsibility and raising the alarm on federal spending with his Penny Plan since 2017. Had Congress listened to Sen. Paul and passed his plan, the country would have a balanced budget today. Instead, Congress continues to exacerbate inflationary pressures with unprecedented and obscene spending levels. As President of the Taxpayers Protection Alliance, I thank Senator Rand Paul for this commonsense and much-needed solution to balance the budget and protect taxpayers,” said David Williams, President of Taxpayers Protection Alliance.
“Citizens for Renewing America supports Senator Rand Paul’s Six Penny Plan, which offers a real solution to years of reckless spending policies. As Congress continues to avoid addressing the root causes of our growing national debt, Senator Paul’s plan forces genuine cuts to the woke and weaponized federal bureaucracy. This legislation is critical to restoring the fiscal sanity that Washington has sorely lacked and provides the necessary course correction to years of flawed policies that have failed to reduce our national debt or deficits,” said Wade Miller, Executive Director of Citizens for Renewing America.
“Unfortunately, the Biden Administration continues to advocate for inflationary spending plans that would add to the crushing tax burden faced by hardworking Americans. As we face the real threat of stagflation for the first time since the 1970s, we need a major course correction from policymakers in Washington. Senator Rand Paul should be commended for his bold approach to address our $35 trillion national debt, while avoiding economically damaging tax increases. Sen. Paul’s common sense spending reforms put our hardworking taxpayers first by addressing the root cause of our national debt: overspending,” said Jonathan Williams, ALEC Chief Economist and Executive Vice President of Policy.
“Unsustainable federal spending is driving the bloated national debt and contributes to economic weakness and elevated inflation, so I applaud Senator Paul’s Six Penny Plan to get control of the spending crisis,” said Vance Ginn, Ph.D., President of Ginn Economic Consulting and former Chief Economist of Trump White House OMB.
“Senator Rand Paul has long been a champion of balancing the federal budget and protecting the American taxpayer. Senator Paul has a plan that will balance the budget in five years. Interestingly, if Congress had voted for Senator Paul’s plan five years ago, we would not be suffering runaway inflation, economic downturns, slowdowns, severe shortages, and empty shelves at the store. And we’d be celebrating a balanced budget too! And balancing the budget has national security benefits as well. If we wait even longer to take action, we will suffer more inflation, larger and larger deficits, and more economic instability and our national security will slide downhill as well. And then it will take much larger cuts to get things back on track. So now is the time to act before the problem becomes so large that it cannot practically be fixed,” said George Landrith, President of Frontiers for Freedom.
“Senator Rand Paul is one of the few Senators who are serious about the fiscal challenges facing America. Quite simply, the current rate of government spending is unsustainable with interest payments on the debt for the first ten months of fiscal year 2024 reaching a staggering $763 billion fully $202 billion more than the same period the previous year. Net interest payments on the debt surpass every other spending category other than Social Security. It is astonishing that the fiscal apocalypse that we have worried about for decades is now upon us with even defense spending dwarfed by the cost of simply making interest payments on our $35 trillion national debt. Senator Paul’s Six Penny Plan forces an honest discussion about the crisis our nation faces and some of the tough decisions which will be required to reverse course from the almost $2 Trillion in debt our country adds onto the ledger every single year. Higher interest rate payments on more of the debt combined with the spending spree which has raised the debt from $26.9 Trillion on September 30, 2020 to more than $35 Trillion. America is in trouble and Senator Paul is one of the few members of Congress willing to propose solutions,” said Richard Manning, President of Americans for Limited Government Foundation

MIL OSI USA News –

September 29, 2024
MIL-Evening Report: The government is reviewing negative gearing and capital gains tax, but this won’t be enough to fix our housing shortage

Source: The Conversation (Au and NZ) – By Michelle Cull, Associate professor, Western Sydney University

Negative gearing and capital gains tax are back on the national agenda as Australians deal with a housing crisis and politicians look for ways to tackle the issue and win voters’ support at the upcoming election.

The Labor government confirmed this week the tax concessions were being reviewed. Meanwhile, the government is struggling to pass its Help to Buy housing assistance legislation through the Senate.

The Help to Buy legislation is aimed at helping first home buyers on low and middle incomes purchase their first home. The government would contribute up to 40% of the home purchase price and require only a 2% deposit from buyer. Buyers could eventually buy back the government’s equity share.

But the legislation has stalled with the Greens wanting more including rent caps and pulling back negative gearing while the Coalition says the government “shouldn’t be in the business of co-owning people’s homes”.

The review, revealed yesterday, could reportedly include a cap on the number of properties a person could negatively gear. The changes would not affect anyone who is currently negatively geared.

Negative gearing lets taxpayers claim deductions on their tax for the expenses relating to owning an investment property. They can save on tax as the property potentially rises in value. They can also be eligible for a reduced capital gains tax when they sell the property.

But any changes to negative gearing and capital gains tax policies could face further opposition – depending on how they are implemented. The crucial issue is whether the changes free up enough housing stock and make it more affordable for buyers and renters.

Home ownership in Australia

Based on National Housing Supply and Affordability Council data, home ownership across most age groups has been declining since the 1970s.

Younger households, aged between 25 and 34 years, are hardest hit, having 34% of household income spent on mortgage costs in 2022–23.

About 67% of households in Australia are home owners, and the remainder renters. While the proportion of owners with a mortgage has increased since 1994, so too has the proportion of private renters.

Size of the investment market

Just under 10% of all taxpayers negatively geared their properties in 2020–21 and more than 70% of property investors have only one investment property.

While there have been calls for changes to negative gearing policy to cap the number of investment properties at six, this would impact about only 20,000 individual property investors.

Changes to capital gains tax

Suggestions to increase capital gains tax (CGT) need to be considered carefully, given that:

• there is no solid evidence to show that increasing CGT will increase housing supply and in fact, it may have the opposite effect by limiting rental housing available

• any change to CGT legislation also impacts other investments (such as shares), as the CGT discount also applies to other capital gains

• multiple investment properties are often held within self-managed superannuation funds (SMSFs) which are subject to different CGT rules and also benefit from superannuation tax concessions

• the rapid increase in housing prices over recent years is likely to result in very large amounts of CGT being paid on investment properties, even with the current 50% CGT discount.

Other ways to improve affordability and availability

Policy discussions around housing affordability and availability invariably lead to suggestions to change how negative gearing and capital gains tax operate. However, taxation policy is not the only solution available.

Another suggestion put forward is to allow first home buyers to use their superannuation for deposits.

Regardless of one’s position on accessing superannuation for something other than retirement, this suggestion is not viable for low to middle income earners. These households are unlikely to have substantial superannuation balances. Also, they don’t have the earning capacity to service a mortgage for the outstanding amount.

There is currently a push to use self-managed super funds SMSFs to enable home ownership. This would effectively allow individuals to become tenants in homes owned by their super funds.

However, the complexities of superannuation law mean this could cause big problems for people whose relationships break down.

Considering the generational wealth that currently exists in property, the government could consider making it easier for parents or grandparents to gift (or sell) property to their children or grandchildren, in certain circumstances.

This area has not yet been sufficiently explored.

What needs to change

The real issue of housing affordability is multifaceted, and any change needs to be done as part of a broader policy.

It is likely that on its own, changes to negative gearing and/or capital gains tax will not achieve the intended outcome to make housing more accessible and affordable for Australians who want to buy a home.

While the debate around the best way to achieve housing affordability and accessibility continues, and while there are statistics that tell us about the current housing crisis, one crucial thing that is missing is the voice of the very people that any new housing policy should be designed to assist.

More consultation is needed with younger age groups and low to middle income earners who are struggling with high rent and unable to purchase their own home.

Australia desperately needs bold new innovative housing policies that do not rely solely on the taxation system but that consider a raft of measures that meet the housing needs of everyday Australians.

Michelle Cull is co-founder of the Western Sydney University Tax Clinic which has received funding from the Australian Taxation Office as part of the National Tax Clinic Program. Michelle Cull is a member of CPA Australia and the Financial Advice Association Australia. Michelle is also an academic member of UniSuper’s Consultative Committee and volunteers as Chair of the Macarthur Advisory Council for the Salvation Army Australia.

– ref. The government is reviewing negative gearing and capital gains tax, but this won’t be enough to fix our housing shortage – https://theconversation.com/the-government-is-reviewing-negative-gearing-and-capital-gains-tax-but-this-wont-be-enough-to-fix-our-housing-shortage-239813

MIL OSI Analysis – EveningReport.nz –

September 29, 2024
MIL-OSI: Virtune AB (Publ) expands to the Netherlands with the listing of Virtune Staked Solana ETP on Euronext Amsterdam

Source: GlobeNewswire (MIL-OSI)

Amsterdam, September 25, 2024 — Virtune, a regulated Swedish digital asset manager and issuer of crypto exchange-traded products (ETPs) headquartered in Stockholm, is expanding to the Netherlands with the listing of Virtune Staked Solana ETP on Euronext Amsterdam.

With strong growth and steady inflows in the Nordic region, driven by increasing interest and acceptance of crypto assets, this expansion marks a strategic milestone for Virtune.

Since its inception in May 2023, Virtune has rapidly grown in the Nordics, listing a total of 12 products and reaching over 31,000 investors in just over a year.

Key success factors have included a focus on education, a transparent market strategy, and the company’s regulated status. This expansion not only meets the growing investor interest but also strengthens Virtune’s market presence in Europe.

Virtune Staked Solana ETP:
– Exposure to Solana with an additional 3% annual yield through staking
– 0.95% annual management fee
– 100% physically backed by SOL
– Non-custodial staking

Product Information:
– Bloomberg Ticker: VIRSOL
– ISIN: SE0021309754
– Exchanges: Nasdaq Stockholm, Euronext Amsterdam, Euronext Paris

Virtune uses Coinbase as custodian, where the underlying SOL tokens are stored with the highest institutional security level in cold-storage (offline). The underlying SOL tokens are staked directly from cold-storage, and the staking rewards are reflected in the price of the ETP.

Christopher Kock, CEO of Virtune:
“We are very pleased to expand to the Netherlands through the listing of Virtune Staked Solana ETP on Euronext Amsterdam after a successful launch in the Nordics. Since our inception in May 2023, we have worked hard to drive adoption for crypto assets through educational efforts in the Nordics, and we look forward to extending these efforts to the Dutch financial market. This ETP provides investors with exposure to Solana, one of the leading and most influential blockchains globally, while including staking which improves the performance of the product.”

About Virtune AB (Publ)
Virtune is a registered financial institution with the Swedish Financial Supervisory Authority and has an approved EU base prospectus, renewed by the Financial Supervisory Authority on April 5, 2024, enabling Virtune’s strategy to list ETPs on regulated European exchanges. Virtune’s mission is to provide seamless access to crypto assets for both institutional and private investors through innovative crypto ETPs, transparency, and education.

Virtune offers a wide range of crypto ETPs, including Virtune Bitcoin ETP, Virtune Staked Ethereum ETP, Virtune Staked Solana ETP, Virtune Crypto Top 10 Index ETP, Virtune XRP ETP, Virtune Chainlink ETP, Virtune Avalanche ETP, Virtune Staked Polkadot ETP, Virtune Staked Polygon ETP, Virtune Arbitrum ETP, and Virtune Staked Cardano ETP.

About Solana
Solana is a high-performance blockchain platform designed to enable fast and scalable decentralized applications and crypto transactions. Utilizing a unique consensus mechanism called Proof of History (PoH) along with Proof of Stake (PoS), Solana can handle thousands of transactions per second at low transaction costs, a significant improvement over older blockchains like Bitcoin and Ethereum. This combination of technologies not only allows for instant transaction verification but also significantly increases network throughput without compromising security or decentralization.

About Staking
Staking enables crypto asset owners to earn passive income by participating in the validation and confirmation of transactions on a blockchain through a process known as Proof of Stake. This mechanism is a fundamental part of Proof of Stake blockchains, such as Ethereum and Solana, and plays a crucial role in ensuring the security and authenticity of blockchain transactions. To conduct a transaction on the blockchain securely and correctly, a validator must stake a certain amount of crypto assets as a guarantee of the transaction’s legitimacy.

Validators aim to stake as much crypto assets as possible to increase the chance of obtaining rewards, which are paid out in the same type of crypto asset that was staked. The annual reward percentage for staking can vary and may range from 0% to 14% or higher for some blockchains. Most crypto asset owners cannot act as validators themselves because it requires large amounts of crypto assets. Therefore, many choose to stake their assets through an established and trustworthy validator. Virtune includes staking rewards in its products that have “staked” included in their names.

Stockholm, 25th of September 2024

For further inquiries, please contact:

Christopher Kock, CEO & Member of the Board of Directors
Email: hello@virtune.com

About Virtune AB (Publ)
Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

The MIL Network –

September 29, 2024
MIL-OSI United Kingdom: Scottish and UK governments urged to deliver private jet tax

Source: Scottish Greens

25 Sep 2024 Climate Climate Breakdown

Private jets are wasteful and destructive.

More in Climate

The Scottish and UK governments must work together to deliver the rollout of Scotland’s Air Departure Tax and drive down aviation, says the Scottish Greens transport spokesperson, Mark Ruskell MSP.

Air Departure Tax was created by the Scottish Parliament in 2017, but has yet to be introduced. The Scottish Government says this is due to the UK Treasury’s refusal to allow an exemption for lifeline island flights, but a recent report from Oxfam has argued that it could be applied now if the UK Government and Scottish Government worked together.

Mr Ruskell has written to the Scottish Government Minister for Connectivity and Agriculture, Jim Fairlie, and the UK Government’s Under-Secretary of State for Transport, Mike Kane, calling for a meeting to resolve the stalemate and urgently bring in the tax.

Oxfam has found that since 2019 – the same year the Scottish Government declared a climate emergency – there have been 54,746 recorded private flights in Scotland. They have argued that using Air Departure Tax on private jets could raise over £21 million a year (based on 2023 figures), which could go towards funding public transport investment, such as permanently scrapping peak rail fares.

Mr Ruskell said: “There are few things in this world as wasteful, needless and destructive as private jets. It is absurd we are allowing multi-millionaires to pollute the world around us at such an obscene rate.

“Private jets are used as a decadent and extravagant sign of wealth and status, transporting some of the wealthiest people in the world from one destination to the next. There is no justification for them, especially at a time when global temperatures are rising.

“The truth is that we cannot even begin to tackle the climate crisis without drastically reducing the number of flights that are taking off and landing every day, both here in Scotland and around the world.

“A private jet tax is long overdue, but it will take political will and our governments working together.

“For far too long we’ve had a stalemate, with Holyrood blaming Westminster for inaction while UK ministers have refused to engage. We need to get it solved as soon as possible so that we can finally deter flights, permanently end peak rail fares and raise vital funds for public transport.

“The Scotland I want us to build is one where rail is always an affordable, accessible and reliable option, not one where private jets are flying overhead as the super-rich disregard our climate and pollute our planet.”

MIL OSI United Kingdom –

September 29, 2024
MIL-OSI United Kingdom: Make September birth boom a bank account boon
Source: United Kingdom – Government Statements

Claim Child Benefit using the HMRC app and receive payment within a week.
With around 2,000 babies born on 26 September each year, more than any other day, HM Revenue and Customs (HMRC) is urging parents to claim their Child Benefit entitlement.

Claiming online means families could receive their first payment within just a week of their baby’s birth.

Child Benefit is worth up to £1,331 a year for the first child and £881 for each additional child.

Claims can be using the free and secure HMRC app, or made online, 48 hours after the baby’s birth has been registered. With payments typically made within three days, this means parents could receive their first payment within a week. Claims can also be backdated for up to 3 months.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

With more babies set to be born on 26 September than any other day, we hope that parents of these newborns take full advantage of their Child Benefit entitlement.

We’ve made it simpler than ever to claim online and receive a first payment within as little as three days – so download the app today or search on GOV.UK.

HMRC has released a YouTube video which explains what new parents need to do and how to make a claim.

How do I claim Child Benefit online?

To make a claim, families will need their:

child’s birth or adoption certificate

bank details

National Insurance number for themselves and their partner, if they have one

child’s original birth or adoption certificate and passport or travel document, for children born outside the UK

The amount reduces if one person in the household earns between £60,000 and £80,000 and is subject to the High Income Child Benefit Charge. For families who fall into this category, the online Child Benefit tax calculator provides an estimate of how much benefit can be claimed, and what the charge may be.

Families who were subject to the High Income Child Benefit Charge when the threshold was £50,000 and opted out of payments but now wish to restart their payments, can use the online form on GOV.UK.

By claiming Child Benefit, claimants will also receive National Insurance (NI) credits. People need a minimum of 10 years NI credits to claim some State Pension, with 35 years NI credits needed to obtain the full State Pension. This can help people who are not in paid employment and not receiving NI credits through their employer.

A person living in a household subject to the High Income Child Benefit Charge will still receive NI credits if they claim Child Benefit but opt out of receiving a payment that they may have to repay.

Further information

Birth data taken from the Census 2021 page ‘How popular is your birthday?’

Information on Child Benefit can be found at GOV.UK.

The simplest and quickest way to apply for Child Benefit is by using the HMRC app or online at GOV.UK.

The Child Benefit award notice can be used to prove you qualify for Child Benefit and can be downloaded and printed from the HMRC app or from GOV.UK. Parents and carers may need proof of entitlement to access other benefits and services.

The £50,000 High Income Child Benefit Charge threshold rose to £60,000 on 6 April 2024.

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Updates to this page

Published 25 September 2024
MIL OSI United Kingdom –
September 29, 2024
MIL-OSI Europe: Written question – Mismatch between ambitious targets and demand and investment needs for hydrogen – E-001730/2024
Source: European Parliament
Question for written answer E-001730/2024
to the Commission
Rule 144
Beatrice Timgren (ECR), Charlie Weimers (ECR), Dick Erixon (ECR)

The EU’s plan to invest billions of euro[1] in boosting renewable hydrogen fuel is being questioned by a recent European Court of Auditors report. The report highlights a mismatch between the ambitious targets set by the Commission and the actual demand and investment needs for hydrogen, suggesting that the strategy is politically driven rather than based on robust analysis.

In light of this, the following questions arise:

1.Reassessment and risk mitigation: According to the report, actual demand for hydrogen is expected to be significantly lower than the Commission’s targets, necessitating a reassessment and adjustment of the hydrogen strategy to reflect realistic market demand projections. Considering the Court’s warning about the EU’s high-risk exposure, what steps are being taken to mitigate these risks and ensure a balanced approach?

2.Taxpayer protection: What measures are in place to protect taxpayers from potential financial losses if significant investments in hydrogen and projects like Northvolt do not yield the expected returns?[2][3]

3.Climate benefit evaluation: How does the Commission evaluate the actual climate benefits of producing green steel and batteries (using imported raw materials) in Sweden compared to other potential green initiatives?[4][5]

Submitted: 17.9.2024

[1] ‘For the 2021-2027 period, total EU funding for hydrogen-related projects is currently estimated at EUR 18.8 billion, mostly funded by the Recovery and Resilience Facility.’ Special report 11/2024 on the EU’s industrial policy on renewable hydrogen: https://www.eca.europa.eu/ECAPublications/SR-2024-11/SR-2024-11_EN.pdf.

[2] https://ec.europa.eu/commission/presscorner/detail/en/ip_24_224.

[3] https://www.eib.org/en/projects/all/20220461.

[4] https://www.eib.org/en/press/all/2024-015-eib-and-nib-to-provide-eur371-million-with-investeu-backing-for-h2-green-steel-s-large-scale-production-of-steel-with-minimal-carbon-footprint.

[5] https://www.eib.org/fr/projects/all/20200902.
Last updated: 25 September 2024
MIL OSI Europe News –
September 29, 2024
MIL-OSI Europe: Written question – Are measures that make flying less accessible justified by a hypothetical benefit for the climate? – E-001732/2024
Source: European Parliament
Question for written answer E-001732/2024
to the Commission
Rule 144
Mathilde Androuët (PfE)

According to the European Commission, fares for flights within the EU were on average 20 to 30 % higher last summer than before the COVID-19 pandemic[1]. This price hike calls into question how accessible flying is as a means of transport, especially in the coming years with the reform of the EU emissions trading system[2], included in the Fit for 55 package[3], and the announced reform of the Energy Taxation Directive[4].

Airlines for Europe indicates that compliance with these new rules could cost European airlines 13 to 14 times more in 2030 than in 2019[5]. However, according to calculations by the Intergovernmental Panel on Climate Change (IPCC), flights departing from Europe account for 0.3 % of global greenhouse gas emissions, with approximately half being generated by flights within the EU[6]. While taxing this sector would prevent a 0.002 °C increase in temperature in 2100, it would bring about very damaging indirect consequences (job losses and relocation).

Does the Commission consider that this hypothetical and derisory ‘benefit for the climate’ justifies the adoption of self-punitive social and economic measures?

Submitted: 17.9.2024

[1] Airline fares in EU 20-30 % higher this summer than in 2019 – The Brussels Times – 10 November 2023.

[2] Fit for 55: European Parliament adopts key laws to reach the 2030 climate target – European Parliament press release – 18 April 2024.

[3] Fit for 55 package: Council reaches general approaches relating to emissions reductions and their social impacts – Ministry of the Ecological Transition and Territorial Cohesion – 29 June 2022.

[4] Belgium issues ultimatum over energy tax reform – Euronews – 22 April 2024.

[5] The European Green Deal and the Fit For 55 Package – AirlinesForEurope – 11 December 2023.

[6] IPCC, 6th Assessment Report, Summary for Policymakers, p. 28.
Last updated: 25 September 2024
MIL OSI Europe News –
September 29, 2024
MIL-OSI: Eightco Announces $100 million Revenue Forecast – Releases 2025 Strategic Plan
Source: GlobeNewswire (MIL-OSI)

Improved Financial Condition Allows Focus on Revenue Growth & Profitability

Easton, PA, Sept. 25, 2024 (GLOBE NEWSWIRE) — Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”) is pleased to provide an update to its shareholders regarding its achievements year to date and 2025 initiatives.

2024 Achievements

The Company has made significant progress in 2024 by improving its balance sheet, most notably through the elimination of $5.4 million in convertible notes and increasing shareholder equity by $23 million. An aggregate of 5,846,627 dilutive shares related to warrants and convertible securities were cancelled in connection therewith, as well as several one-time accounting events.

Operationally, during the 6 months ended June 30, 2024:
- Gross profit margin was increased to 22%, versus 12% in the prior year period; and
- SG&A was reduced to $6.9 million, down 23% from $9.0 million in the prior year period
These improvements helped the Company regain compliance with two NASDAQ requirements, as was announced yesterday.

2025 Plan

The Company’s primary focus is the growth of its primary operating subsidiary, Forever 8 Fund LLC (“Forever 8”), which operates in two main areas: providing inventory solutions for small to mid-sized e-commerce sellers in the US & UK, as well as supplying refurbished Apple products for sellers in the UK and Europe. Forever 8 buys existing inventory from e-commerce sellers and commits to purchasing future inventory directly from their suppliers, maintaining specific inventory levels to enhance sales and growth. The sellers are invoiced after sales occur on a monthly basis, at which point Forever 8 charges them its cost plus a markup. Forever 8’s tech platform facilitates this entire process end-to-end, making it seamless and scalable.

In the short term, the Company intends to seek additional non-dilutive senior debt financing to replace the capital used to repay its dilutive convertible notes in the first quarter of 2024. The Company currently has approximately 1.8 million shares outstanding. By deploying this capital, the Company aims to deliver 2025 revenues of $100 million, with the Company achieving positive EBITDA at the public company level. Such funding would also support further growth in 2025. Forever 8 believes it can deploy significant additional capital via its scalable platforms due to high inbound demand for its services from existing and new customers.

Paul Vassilakos, CEO of Eightco and President of Forever 8, said “The Company is excited to focus on prioritizing the Forever 8 business to deliver growth and shareholder value through 2025. With regaining compliance with the NASDAQ rules behind us and a significantly improved balance sheet, we believe 2025 has the potential to be our best year since our inception in 2020.”

About Eightco

Eightco (NASDAQ: OCTO) is committed to growth of its subsidiaries, made up of Forever 8 Fund LLC, an inventory capital and management platform for e-commerce sellers, and Ferguson Containers, Inc., a provider of complete manufacturing and logistical solutions for product and packaging needs, through strategic management and investment. In addition, the Company is actively seeking new opportunities to add to its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions. Through a combination of innovative strategies and focused execution, Eightco aims to create significant value and growth for its portfolio companies and stockholders.

For additional information, please visit www.8co.holdings

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: Eightco’s ability to regain and maintain compliance with the Nasdaq’s continued listing requirements; unexpected costs, charges or expenses that reduce Eightco’s capital resources; Eightco’s inability to raise adequate capital to fund its business; the inability to innovate and attract users for Eightco’s and its subsidiaries’ products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco’s actual results to differ from those contained in forward-looking statements, see Eightco’s filings with the Securities and Exchange Commission (the “SEC”), including in its Annual Report on Form 10-K filed with the SEC on April 1, 2024, as amended. All information in this press release is as of the date of the release, and Eightco undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

For further information, please contact:
Investor Relations
investors@8co.holdings

The MIL Network –
September 29, 2024

MIL-OSI: YieldMax™ ETFs Announces Distributions on Fund of Funds ETFs

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions on the following YieldMax™ ETFs:

ETF Ticker¹	ETF Name	Distribution per Share	Distribution Frequency	Distribution Rate²^,4	30-Day SEC Yield³	Ex-Date & Record Date	Payment Date
YMAX	YieldMax™ Universe Fund of Option Income ETFs	$0.2220	*Weekly*	64.49%	65.73%	9/26/2024	9/27/2024
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	$0.1701	*Weekly*	45.49%	50.80%	9/26/2024	9/27/2024

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

¹YMAX and YMAG each have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

²The Distribution Rate shown is as of close on September 24, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended August 31, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ As of the date hereof, distributions for YMAX and YMAG have included return of investor capital. For additional information, please visit http://www.yieldmaxetfs.com/TaxInfo.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here.

Prospectuses

Click here.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

There is no guarantee that that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ISSUER.

Risk Disclosures (the following risks are applicable to all YieldMax ETFs shown in the table above)

Investing involves risk. Principal loss is possible.

Underlying Security Risk. Each Underlying YieldMax™ ETF invests in options contracts that are based on the value of its Underlying Security. This subjects each Underlying YieldMax™ ETF to certain of the same risks as if it owned shares of its Underlying Security, even though it does not. As a result, each Underlying YieldMax™ ETF is subject to the risks associated with the industry of the corresponding Underlying Issuer.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Each Underlying YieldMax™ ETF’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or Underlying YieldMax™ ETF’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The Underlying YieldMax™ ETFs investment strategies are options-based. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are

affected by fiscal and monetary policies and by national and international policies, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. Each Underlying YieldMax™ ETF aims to provide current income, although there’s no guarantee of distribution in any given period, and the distribution amounts may vary significantly. Distributions may consist of capital returns, reducing each Underlying YieldMax™ ETF’s NAV and trading price over time, thus potentially leading to significant losses for investors (including the Fund), especially as an Underlying YieldMax™ ETF’s returns exclude any dividends paid by the Underlying Security, which may result in lesser income compared to a direct investment in the Underlying Security.

NAV Erosion Risk Due to Distributions. When an Underlying YieldMax™ ETF makes a distribution, its NAV typically drops by the distribution amount on the related ex-dividend date. The repetitive payment of distributions may significantly erode an Underlying YieldMax™ ETF’s NAV and trading price over time, potentially resulting in notable losses for investors (including the Fund).

Call Writing Strategy Risk. The continuous application of each Underlying YieldMax™ ETF’s call writing strategy impacts its ability to participate in the positive price returns of its Underlying Security, which in turn affects each Underlying YieldMax™ ETF’s returns both during the term of the sold call options and over longer time frames. An Underlying YieldMax™ ETF’s participation in its Underlying Security’s positive price returns and its own returns will depend not only on the Underlying Security’s price but also on the path the Underlying Security’s price takes over time, illustrating that certain price trajectories of the Underlying Security could lead to suboptimal outcomes for the Underlying YieldMax™ ETF.

Single Issuer Risk. Each Underlying YieldMax™ ETF, focusing on an individual security (Underlying Security), may experience more volatility compared to traditional pooled investments or the market generally due to issuer-specific attributes. Its performance may deviate from that of diversified investments or the overall market, making it potentially more susceptible to the specific performance and risks associated with the Underlying Security.

High Portfolio Turnover Risk. Each Underlying YieldMax™ ETF may actively and frequently trade all or a significant portion of the Underlying YieldMax™ ETF’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Underlying YieldMax™ ETF’s expenses.

Counterparty Risk. Each Underlying YieldMax™ ETF faces counterparty risk through its investments in options contracts, held via clearing members due to its non-membership in clearing houses, with the risk exacerbated if a clearing member defaults or if limited clearing members are willing to transact on its behalf. This risk is also magnified as the Underlying YieldMax™ ETF primarily focuses on options contracts on a single security, potentially leading to losses or hindrance in implementing its investment strategy if adverse situations with clearing members arise.

Price Participation Risk. Each Underlying YieldMax™ ETF employs a strategy of selling call option contracts, limiting its participation in the value increase of the Underlying Security during the call period. Should an Underlying Security’s value increase beyond the sold call options’ strike price, the Underlying YieldMax™ ETF may not experience the same extent of increase, potentially underperforming the Underlying Security and experiencing a NAV decrease, especially given its full exposure to any value decrease of the Underlying Security over the call period.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

The MIL Network –

September 29, 2024

MIL-OSI Europe: Statement by Antonio Tajani, Minister for Foreign Affairs and International Cooperation of Italy in his capacity as Chair of the G7 Foreign Ministers’ Meeting at the High-Level Week of the UN General Assembly (23 September 2024)

Source: Republic of France in English
The Republic of France has issued the following statement:

1. Introduction

In today’s meeting in New York, in the wake of the Summit of the Future, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the High Representative of the European Union reiterated their commitment to upholding the rule of law, humanitarian principles and international law, including the Charter of the United Nations, and to protecting human rights and dignity for all individuals.

They re-emphasized their determination to foster collective action in order to preserve peace and stability to address global challenges, such as the climate crisis and to advance the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).

In doing so, the G7 members renewed their commitment to the promotion of free societies and democratic principles, where all persons can freely exercise their rights and freedoms.

2. Summit for the Future

In the spirit of the renewed determination to strengthen the multilateral system based on the UN Charter’s principles, as reflected in the Pact for the Future adopted at the Summit of the Future by world Leaders, the G7 members committed to continue working with countries and all relevant stakeholders within the UN system through dialogue, mutual understanding and respect in the pursuit of common solutions, with the aim of upholding and reforming the multilateral system so that it better reflects today’s world and is fit to respond to the complex global challenges of the future. They reaffirmed their commitment to work with all UN member states to strengthen the roles of the UNSG as well as the UNGA. They also recommitted to the reform of the UNSC.

3. Steadfast Support to Ukraine

The G7 members reaffirmed their unwavering support to Ukraine as it defends its freedom, sovereignty, independence, and territorial integrity, against Russia’s brutal and unjustifiable war of aggression. The G7 members strongly condemned Russia’s blatant breach of international law, including the UN Charter, and of the basic principles that underpin the international order. They strongly condemned the serious violations of international humanitarian law perpetrated by Russia’s forces in Ukraine, which have caused a devastating impact on the civilian population. Violence against civilians, including women, children, and prisoners of war is unacceptable.

They expressed their outrage at Russia’s repeated attacks against critical infrastructure and they condemned in the strongest possible terms any targeting of civilian buildings and even hospitals. Ensuring the protection and resilience of Ukraine’s energy grid and its power generation capacity remains a fundamental and urgent priority as winter approaches. They welcomed the international conference on energy security held on August 22. .as well as the ongoing coordination of the G7 energy group. They reiterated their commitment to help Ukraine meet its urgent short-term financing needs, as well as support its long-term recovery and reconstruction priorities.

Russia must end its war of aggression and pay for the damage it has caused to Ukraine. The G7 members reiterated their commitment to explore and use all possible lawful avenues by which Russia is made to meet those obligations.

The launch of the Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, as mandated by G7 leaders, will make available approximately USD 50 billion in additional funding to Ukraine that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.

The G7 Foreign Ministers and the High Representative are working, together with Finance Ministers, to operationalize the G7 Leaders’ commitment by the end of the year. They will maintain solidarity in this commitment to providing this support to Ukraine. The G7 members confirmed that, consistent with all applicable laws and their respective legal systems, Russia’s sovereign assets in their jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.

They also committed to strengthening the Ukraine Donor Platform to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb. This will play a key role in advancing Ukraine’s reforms in line with its European path and in contributing to a successful Ukraine Recovery Conference to be held in Italy in 2025.

Any use of nuclear weapons by Russia in the context of its war of aggression against Ukraine would be inadmissible. They therefore condemned in the strongest possible terms Russia’s irresponsible and threatening nuclear rhetoric, as well as its posture of strategic intimidation. They also expressed their deepest concern about the reported use of chemical weapons as well as riot control agents as a method of warfare by Russia in Ukraine.

The G7 members remained committed to holding those responsible accountable for atrocities in Ukraine, in line with international law. They also condemned the seizures of foreign companies and called on Russia to reverse these measures and seek acceptable solutions with the companies targeted by them.

They condemned Russia’s seizure and continued control and militarization of Zaporizhzhia nuclear power plant, which poses severe risks for nuclear safety and security, potentially affecting the entire international community. They reiterated their support to the International Atomic Energy Agency’s efforts directed at mitigating such risks.

They underlined once again their support for Ukraine’s right of self-defense and reiterated their commitment to Ukraine’s long-term security, recalling the launch of the Ukraine Compact in Washington on 11 July 2024. They re-affirmed the intention to increasing industrial production and delivery capabilities to assist Ukraine’s self-defense. They highlighted their support to Ukraine in its efforts to modernize its armed forces and strengthen its own defense industry. They expressed their resolve to bolster Ukraine’s air defense capabilities to save lives and protect critical infrastructure.

They remained committed to raising the costs of Russia’s war of aggression by building on the comprehensive package of sanctions and economic measures already in place. Though existing measures have had a significant impact on Russia’s war machine and ability to fund its invasion, its military is still posing a threat not just to Ukraine but also to international security.

The G7 members expressed the intention to continue taking appropriate measures, consistent with their legal systems, against actors in China and in third countries that materially support Russia’s war machine, including financial institutions, and other entities that facilitate Russia’s acquisition of items for its defense industrial base.

They expressed their intention to continue to apply significant pressure on Russian revenues from energy and other commodities. This will include improving the efficacy of the oil price cap policy by taking further steps to tighten compliance and enforcement, including against Russia’s shadow fleet, while working to maintain market stability.

They especially emphasized the urgency to support Ukraine’s energy security, including by coordinating international assistance through the G7+Ukraine Energy Coordination Group. They underscored the importance to continue working with the Ukrainian authorities and International Financial Institutions through the Ukraine Donor Platform, and by mobilizing private investments and fostering participation of civil society.

They highlighted the reality of millions of internally displaced Ukrainians and the importance of an inclusive rights-based, gender-responsive recovery, including the reintegration of veterans and civilians with disabilities, and to address the needs of women, children as well as other population groups who have been disproportionately affected by Russia’s war of aggression. They reiterated their condemnation of Russia’s unlawful deportation of Ukrainian children and welcomed coordinated efforts to secure their safe return. They called on Russia to release all persons it has unjustly detained and safely return all civilians it has illegally transferred or deported, starting with children. They welcomed the Ministerial Conference on the Human Dimension of Ukraine’s 10 point peace formula that will be hosted by Canada on October 30-31.

They reiterated the need to support Ukraine’s agriculture sector, which is critical for global food supply, particularly for the most vulnerable nations, and called for unimpeded exports of grain, foodstuffs, fertilizers and inputs from Ukraine.

They acknowledged the importance to involve the private sector in the sustainable economic recovery of Ukraine. They welcomed and underscored the significance of Ukraine itself continuing to implement domestic reform efforts, especially in the fields of anti-corruption, justice system reform, decentralization, and promotion of the rule of law. These endeavors are in line with the Euro-Atlantic path Ukraine has embraced. The G7 members were unanimous on the need to continue to support efforts of the Ukrainian government and people in these endeavors.

They resolutely condemned Russia’s holding of illegitimate ‘elections’ in the occupied Ukrainian Autonomous Republic of Crimea and the city of Sevastopol. Russia’s actions once again demonstrate its blatant disregard for Ukraine’s territorial integrity, sovereignty and independence, and the UN Charter. They called on all members of the international community to refrain from recognizing Russia’s illegitimate actions.

They welcomed the Summit on Peace in Ukraine that took place in Switzerland on June 15-16 and its focus on the key priorities needed to achieve a framework for peace based on international law, including the UN Charter and its principles, and respect for Ukraine’s sovereignty and territorial integrity. They remained committed to follow up on the Conference through constructive engagement with all international partners to reach a comprehensive, just and lasting peace.

The G7 members acknowledged that Russia continues to expand its campaigns of foreign information manipulation and interference (FIMI). They condemned Russia’s use of FIMI to support its war of aggression against Ukraine. They reiterated their determination to bolster the G7 Rapid Response Mechanism by developing a collective response framework to counter foreign threats to democracies.

4. Situation in the Middle East

The G7 members reiterated their condemnation of Hamas’ horrendous attacks on October 7, 2023. 101 hostages are still in the hands of Hamas. They noted with deep concern the trend of escalatory violence in the Middle East and its repercussions on regional stability and on the lives of civilians shattered by this conflict, from the Gaza Strip to the Israeli-Lebanese Blue Line. Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences. They called for a stop to the current destructive cycle, while emphasizing that no country stands to gain from a further escalation in the Middle East.

They expressed their deep concern about the situation along the Blue Line. They recognized the essential stabilizing role played by the Lebanese Armed Forces and the UN Interim Force in Lebanon in mitigating that risk. They demanded the full implementation of UNSCR 1701 (2006) and urged that all relevant actors implement immediate measures towards de-escalation.

The G7 members reaffirmed their strong support for the ongoing mediation efforts undertaken by the United States, Egypt and Qatar to reach a resolution between the parties to the conflict in Gaza. They reiterated their full commitment for the implementation of the UNSC Resolution 2735 (2024) and the comprehensive deal outlined by President Biden in May that would lead to an immediate ceasefire in Gaza, the release of all hostages, a significant and sustained increase in the flow of humanitarian assistance throughout Gaza, and an enduring end to the crisis, to secure a pathway to a two-state solution with a safe Israel alongside a sovereign Palestinian state. They urged the parties to the conflict to unequivocally accept the ceasefire proposal, stressing the need for countries in a position to directly influence the parties to cooperate in strengthening mediation efforts. They called for the full implementation of the terms of the ceasefire proposal without delay and without conditions.

They called on all parties to fully comply with international law, including international humanitarian law. They expressed their deep alarm for the heavy toll this conflict has taken on civilians, deploring all losses of civilian lives equally and noting with great concern that, after nearly a year of hostilities and regional instability, it is mostly civilians, including women and children, who are paying the highest price. Protection of civilians must be an absolute priority for all parties at all times.

The G7 members expressed concern at the unprecedented level of food insecurity affecting most of the population in the Gaza Strip. Securing full, rapid, safe, and unhindered humanitarian access in all its forms and through all relevant crossing points remains an absolute priority. They urged all parties to allow the unimpeded delivery of aid and ensure protection of humanitarian workers by properly implementing de-confliction measures. They recognized the crucial role played by UN agencies and other humanitarian actors in delivering assistance especially health care for the most vulnerable persons, including the polio vaccination campaign. They expressed their support for UNRWA to effectively uphold its mandate, emphasizing the vital role that the UN Agency plays.

The G7 members reaffirmed their unwavering commitment, through reinvigorated efforts in the Middle East Peace Process, to the vision of a two-state solution where two democratic states, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza strip with the West Bank under Palestinian Authority. We note that mutual recognition, to include the recognition of a Palestinian state, at the appropriate time, would be a crucial component of that political process. They expressed their concern about the risk of weakening the Palestinian Authority and underlined the importance of maintaining economic stability in the West Bank. They welcomed the EU’s 400 million Euro emergency package for the Palestinian Authority. All parties must refrain from unilateral actions and from divisive statements that may undermine the prospect of a two-state solution, including the Israeli expansion of settlements and the “legalization” of settlement outposts. They condemned the rise in extremist settler violence committed against Palestinians, which undermines security and stability in the West Bank and threatens prospects for a lasting peace. They expressed their deep concern regarding the deteriorating security situation in the West Bank.

They reiterated their commitment to working together – and with other international partners – to closely coordinate and institutionalize their support for civil society peacebuilding efforts, ensuring that they are part of a larger strategy to build the foundation necessary for a negotiated and lasting Israeli-Palestinian peace. The G7 members called on Iran to contribute to de-escalation of tensions in the region. They demanded that Iran cease its destabilizing actions in the Middle East. They underlined that they stand ready to adopt further sanctions or take other measures in response to further destabilizing initiatives.

They reiterated their determination that Iran must never develop or acquire a nuclear weapon and that the G7 will continue working together, and with other international partners, to address Iran’s nuclear escalation. A diplomatic solution remains the best way to resolve this issue. As the IAEA remains unable to verify that Iran’s nuclear program is exclusively peaceful, they urged Iran’s leadership to cease and reverse nuclear activities that have no credible civilian justification and to cooperate with the IAEA without further delay to fully implement their legally binding safeguards agreement and their commitments under UNSCR 2231(2015).

They condemned in the strongest possible terms Iran’s export and Russia’s procurement of Iranian ballistic missiles. Evidence that Iran has continued to transfer weaponry to Russia despite repeated international calls to stop represents a further escalation of Iran’s military support to Russia’s war of aggression against Ukraine. Russia has used Iranian weaponry such as UAVs to kill Ukrainian civilians and strike their critical infrastructure.

They reiterated that Iran must immediately cease all support to Russia’s illegal and unjustifiable war against Ukraine and halt such transfers of ballistic missiles, UAVs and related technology, which constitute a direct threat to the Ukrainian people as well as European and international security more broadly.

They reaffirmed their steadfast commitment to hold Iran to account for its unacceptable support for Russia’s illegal war in Ukraine that further undermines global security. In line with their previous statements on the matter, they underscored that they are already responding with new and significant measures.

They also reiterated their deep concern about Iran’s human rights violations, especially against women and minority groups. They reiterated their call on Iran to allow access to the country to relevant UN Human Rights Council Special Procedures mandate holders.

De-escalation efforts in the region must also include the immediate and unconditional termination of any attack by the Houthis against international and commercial vessels transiting the Gulf of Aden, the Bab al-Mandeb Strait and the Red Sea. The G7 members reiterated their strong condemnation of these attacks and the right of countries to defend their vessels from attacks. They called for the immediate release by the Houthis of the Galaxy Leader and its crew. They expressed their strong concern about the August 21 attack on the merchant vessel Sounion and the ongoing risk of an environmental catastrophe as salvage operations continue. They welcomed the efforts by the EU maritime operation Aspides and by the US-led Operation Prosperity Guardian to protect vital sea lanes. They appreciated the efforts of those countries that are committed to protect freedom of navigation and trade, as well as maritime security, in line with UNSCR 2722 (2024) and in accordance with international law.

5. Fostering partnerships with African Countries

The G7 members reaffirmed their commitment to support African nations in the pursuit of sustainable development as well as the creation of jobs and growth. The focus remains on fostering fair partnerships, built on shared principles, democratic values, local leadership, and practical initiatives.

They reiterated their intention to align actions with the African Union’s Agenda 2063 and the specific needs of African countries, including plans to improve local and regional food security, infrastructure, trade, and agricultural productivity. They expressed their support for the implementation of the African Continental Free Trade Area, a crucial factor for Africa’s growth in the next decade.

The G7 members emphasized the need to strengthen mutually beneficial cooperation with African countries and regional organizations. In addition to maintaining financial support for African nations, they expressed their determination to improve the coordination and effectiveness of G7 resources, mobilizing domestic resources and encouraging increased private investments.

They welcomed the African Union’s permanent membership in the G20, and the creation of an additional Chair for Sub-Saharan Africa on the IMF Executive Board in November.

They reaffirmed their commitment to the G20 Compact with Africa, a tool aimed at enhancing private investment, driving structural reforms, supporting local entrepreneurship, and fostering cooperation, particularly in the energy sector. The G7 Partnership for Global Infrastructure and Investment (PGII), and initiatives like the EU’s Global Gateway can contribute to promote sustainable, resilient, and economically viable infrastructure in Africa, ensuring transparency in project selection, procurement, and financing. In this framework, they welcomed Italy’s Mattei Plan for Africa.

They recognized that sustainable development, peace and security and democracy go hand in hand, reaffirming their commitment to help African governments in strengthening democratic governance and respect for human rights, while addressing conditions conducive to terrorism, violent extremism, and instability.

They expressed their deep concern about the destabilizing activities of the Kremlin-backed Wagner Group and other Russia-supported entities. They called for accountability for all those responsible for human rights violations and abuses.

6. Indo-Pacific

The G7 members reiterated their commitment to a free and open Indo-Pacific, based on the rule of law, which is inclusive, prosperous and secure, grounded on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights. They reaffirmed the importance of working together with regional partners and organizations, notably the Association of Southeast Asian Nations (ASEAN). They reaffirmed their thorough support for ASEAN centrality and unity. They reaffirmed their intention to work to support Pacific Island Countries’ priorities, as articulated through the 2050 Strategy for the Blue Pacific Continent.

As they seek constructive and stable relations with China, they recognized the importance of direct and candid engagement to express concerns and manage differences. They reaffirmed their readiness to cooperate with China to address global challenges. They expressed their deep concern at the China’s support to Russia. They called on China to step up efforts to promote international peace and security, and to press Russia to stop its military aggression and immediately, completely and unconditionally withdraw its troops from Ukraine. They encouraged China to support a comprehensive, just and lasting peace based on territorial integrity and the principles and purposes of the UN Charter, including through its direct dialogue with Ukraine. They also expressed their deep concern at China’s ongoing support for Russia’s defense industrial base, which is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications. They called on China to cease the transfer of dual-use materials, including weapons components and equipment, that are inputs for Russia’s defense sector.

They recognized the importance of China in global trade. However, they expressed their concerns about China’s persistent industrial targeting and comprehensive non-market policies and practices that are leading to global spillovers, market distortions and harmful overcapacity in a growing range of sectors, undermining our workers, industries and economic resilience and security, as well as impacting on currencies. The G7 members are not decoupling or turning inwards. They are de-risking and diversifying supply chains where necessary and appropriate and fostering resilience to economic coercion. They called on China to refrain from adopting export control measures, particularly on critical minerals, that could lead to significant supply chain disruptions. Together with partners, the G7 members will invest in building their respective industrial capacities, promote diversified and resilient supply chains, and reduce critical dependencies and vulnerabilities.

They remained seriously concerned about the situation in the East and South China Seas and reiterated their strong opposition to any unilateral attempt to change the status quo by force or coercion. They reaffirmed that there is no legal basis for China’s expansive maritime claims in the South China Sea, and they reiterated their opposition to China’s militarization and coercive and intimidation activities in the South China Sea. They re-emphasized the universal and unified character of the United Nations Convention on the Law of the Sea (UNCLOS) and reaffirmed UNCLOS’s important role in setting out the legal framework that governs all activities in the oceans and the seas. They reiterated that the award rendered by the Arbitral Tribunal on 12 July 2016 is a significant milestone, which is legally binding upon the parties to those proceedings and a useful basis for peacefully resolving disputes between the parties. They reiterated their strong opposition to China’s dangerous use of coast guard and maritime militia in the South China Sea and its repeated obstruction of countries’ high seas freedom of navigation. They expressed deep concern about the dangerous and obstructive maneuvers, including water cannons and ramming, by the China Coast Guard and maritime militia against Philippines vessels.

The G7 members reaffirmed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity, and called for the peaceful resolution of cross-Strait issues. There is no change in the basic position of the G7 members on Taiwan, including stated One-China policies. They supported Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is.

They remained concerned by the human rights situation in China, including in Xinjiang and Tibet. They are also worried about the crackdown on Hong Kong’s autonomy and independent institutions, and ongoing erosion of rights and freedoms. They urged China and the Hong Kong authorities to act in accordance with their international commitments and applicable legal obligations.

The G7 members strongly condemned North Korea’s continuing expansion of its unlawful nuclear and ballistic missile programs in violation of multiple UNSC resolutions and its continuous destabilizing activities. They reiterated their call for the complete denuclearization of the Korean Peninsula and demanded that North Korea abandons all its nuclear weapons, existing nuclear programs, and any other WMD and ballistic missile programs in a complete, verifiable and irreversible manner, in accordance with all relevant UNSC resolutions. They called on North Korea to return to dialogue to promote peace and stability in the Korean peninsula. They urged all UN Member States to fully implement all relevant UN Security Council resolutions. They reiterated their deep disappointment with Russia’s veto last March on the mandate renewal of the UNSC 1718 Committee Panel of Experts.

They condemned in the strongest possible terms the increasing military cooperation between North Korea and Russia, including North Korea’s export and Russia’s procurement of North Korean ballistic missiles and munitions in direct violation of relevant UNSCRs, as well as Russia’s use of these missiles and munitions against Ukraine. They are also deeply concerned about the potential for any transfer of nuclear or ballistic missiles-related technology to North Korea, in violation of the relevant UNSCRs. They urged Russia and North Korea to immediately cease all such activities and abide by relevant UNSCRs. They urged North Korea to respect human rights, facilitate access for international humanitarian organizations, and resolve the abductions issue immediately.

They called on China not to conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions, and to act in strict accordance with its obligations under the Vienna Convention on Diplomatic Relations and the Vienna Convention on Consular Relations.

7. Regional Issues

Venezuela

The G7 members reiterated their deep concern about the situation in Venezuela, following the vote on July 28.

They emphasized that the announced victory of Maduro lacks credibility and democratic legitimacy, as indicated by reports of the UN Panel of Experts and independent international observers as well as data published by the opposition. They underscored that it is essential for electoral results to be complete and independently verified to ensure respect for the will of the Venezuelan people.

They expressed their outrage for the arrest warrant and constant threats to the security of Edmundo Gonzalez Urrutia, who decided to seek refuge in Spain. According to the above-mentioned independent reports, Edmundo Gonzalez Urrutia appears to have won the most votes.

They urged Venezuelan representatives to cease all human rights violations and abuses, arbitrary detentions and widespread restrictions on fundamental freedoms, particularly affecting the political opposition, human rights defenders, and representatives of independent media and civil society. They called for the release of all political prisoners and for a path to freedom and democracy for the people of Venezuela.

They urged the international community to keep Venezuela high on the diplomatic agenda and they expressed their support for efforts by regional partners to facilitate the Venezuelan-led democratic and peaceful transition that the people of Venezuela have clearly chosen in the polls.

Haiti

The G7 members expressed their determination to continue supporting Haitian institutions – including the Transitional Presidential Council (CPT) and the Government of Prime Minister Conille – in their commitment to create the necessary conditions of general security and stability for the convening, by February 2026, of free and fair elections. The expression of popular will would set the foundation for the full restoration of democracy and the rule of law in Haiti.

They also expressed full support to the Multinational Security Support (MSS) mission, which is providing critical support to the Haitian National Police as they counter criminal gangs engaged in illicit trafficking and inflicting brutal violence upon the population.

The G7 members emphasized the importance of continued support to the MSS mission through financial contributions to the UN Trust Fund as well as contributions in kind. They expressed their strong appreciation for the commitment of the Government of Kenya – which has already deployed 380 personnel on the ground – to support the Haitian National Police in restoring peace and security.

They called on all countries that have committed to deploy their contingents to the MSS mission to do so as soon as possible, to consolidate the mission and its fundamental role in the Country. They called on Haiti’s partners to continue their humanitarian assistance to the Haitian people and to expedite their financial and in-kind contributions to the MSS mission to help ensure that the mission is resourced for success.

They called also on the United Nations Security Council to consider a UN Peace Operation to maintain the security gains of the Haiti National Police and the MSS mission for holding free and fair elections and called on the Secretary-General accordingly to provide support.

The G7 members welcomed the work of the G7 Working Group on Haiti in monitoring institutional, political, social and security developments in Haiti, with a view to supporting the stabilization of the country and the restoration of full democratic governance.

Libya

The G7 members reiterated their unwavering commitment to Libyan stability, sovereignty, independence and unity. They expressed deep concern about recent developments in the country, in particular those involving the leadership of the Central Bank of Libya and the High Council of State, which show the fragility and unsustainability of the present status quo. They urged relevant Libyan parties to rapidly reach the necessary compromises to begin to restore the institutional integrity of the Central Bank of Libya and its standing with the international financial community. They called on Libyan political actors to refrain from taking harmful unilateral actions that create further political tension and fragmentation and make the country vulnerable to harmful foreign interference.

They noted advances made in the organization of local elections and they called for a free, fair and inclusive participation of all Libyans. It is now imperative to relaunch a Libyan-led and Libyan-owned political process facilitated by the UN towards free and fair presidential and parliamentary elections.

They expressed their support and commended the efforts made by UNSMIL officer in charge Stephanie Koury in support of the stabilization of Libya. They called on the Secretary General to appoint a new Special Representative without delay.

Sudan

The G7 members reiterated their grave concern over the ongoing fighting, mass-displacement and famine in Sudan.

They condemned the serious human rights violations and abuses against the civilian population, including widespread sexual and gender-based violence, as well as international humanitarian law violations by both sides to the conflict. They called for an immediate end to the escalating violence, which is creating further displacement, and urged the warring parties to ensure the protection of civilians. They reiterated their commitment to holding accountable all those responsible for violations of international law in Sudan.

They condemned the emergence of famine in Sudan as a direct consequence of efforts to restrict access of humanitarian actors. They noted recent progress in relation to the re-opening of the Chad-Sudan Adre border crossing, in the wake of the Paris Conference and of the Geneva talks. They called for full, rapid, safe, and unhindered humanitarian access both into Sudan and across lines of conflict so aid can reach all those in need.

They urged all parties to cease hostilities immediately and to engage in serious negotiations aimed at achieving a lasting ceasefire, humanitarian access and protection of civilians without pre-conditions.

They called on external actors to refrain from fueling the conflict, to respect the UN arms embargo on Darfur, and to play a responsible role in resolving the crisis.

They welcomed mediation efforts by regional and international actors and organizations to facilitate a durable peace for the country.

Inclusive, national dialogue, aimed at restoring democracy, re-establishing and strengthening the civilian and representative institutions after the end of the conflict, is a prerequisite for lasting peace. The G7 Members emphasized that it is necessary for representatives of Sudanese civil society, including women, to be fully engaged in the reflection on the political future of the country.

MIL OSI Europe News –

September 29, 2024

MIL-OSI: AGF Management Limited Reports Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Sept. 25, 2024 (GLOBE NEWSWIRE) —

Reported quarterly adjusted diluted earnings per share of $0.37
Total assets under management and fee-earning assets of $49.7 billion
Declared quarterly dividend per share of 11.5 cents

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August 31, 2024.

AGF reported total assets under management and fee-earning assets¹ of $49.7 billion compared to $47.8 billion as at May 31, 2024 and $42.3 billion as at August 31, 2023.

“Amid an uncertain economic backdrop and significant market volatility, we are pleased to see early signs of improvement with positive retail net flows complementing our solid investment performance,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “This improvement can be attributed to our long-term strategic plan which diversifies our business across asset classes and client channels ensuring we thrive through changing market cycles.”

AGF’s mutual fund gross sales were $1,012 million for the quarter compared to $934 million in the previous quarter and $633 million in the prior year quarter. Mutual fund net sales were $14 million compared to net redemptions of $112 million in the previous quarter and net redemptions of $151 million in the prior year quarter.

“Given the current market environment and industry trends, we are pleased with the trajectory of our sales strategy,” said Judy Goldring, President and Head of Global Distribution, AGF. “Heading into the final months of 2024, we remain focused on diversifying our capabilities and offerings through a vehicle agnostic approach that meets the evolving needs of our clients.”

_________________
¹ Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers

Key Business and Financial Highlights:

AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.
AGF Management Limited partnered with Archer Holdco, LLC – a leading technology-enabled service provider to the investment management industry – to help further grow its Separately Managed Accounts (SMA) model business through additional product offerings and investment strategies.
AGF SAF Private Credit LP was named a Top Contender for a 2024 Canadian Hedge Fund Award Fund.
Adjusted EBITDA² for the three months ended August 31, 2024, was $40.2 million, compared to $37.0 million for the three months ended May 31, 2024 and $33.7 million in the prior year comparative period.
Net management, advisory and administration fees² were $78.7 million for the three months ended August 31, 2024, compared to $81.2 million for the three months ended May 31, 2024 and $73.8 million for the comparative prior year period.
Adjusted revenue from AGF Capital Partners for the three months ended August 31, 2024, was $18.5 million, compared to $12.0 million for the three months ended May 31, 2024 and $7.3 million for the comparative prior year period. The increase quarter over quarter and year over year were driven by higher fair value adjustments and distribution income and the consolidation of a full quarter of KCPL financial results. Revenue from AGF Capital Partners can be variable quarter to quarter and can be impacted by fair value adjustments, timing of monetizations and cash distributions as well as performance fees and carried interest.
Adjusted selling, general and administrative costs² were $59.6 million for the three months ended August 31, 2024, compared to $60.0 million for the three months ended May 31, 2024 and $50.3 million for the comparative prior year period.
Adjusted net income attributable to equity owners was $24.5 million ($0.37 adjusted diluted EPS) for the three months ended August 31, 2024, compared to $23.6 million ($0.35 adjusted diluted EPS) for the three months ended May 31, 2024 and $22.9 million ($0.34 adjusted diluted EPS) for the comparative prior year period.

	Three months ended									Nine months ended
		August 31,			May 31,			August 31,			August 31,			August 31,
(in millions of Canadian dollars, except per share data)		2024			2024			2023			2024			2023

Revenues
Management, advisory and administration fees	$	114.4		$	116.4		$	107.4		$	339.4		$	324.0
Trailing commissions and investment advisory fees		(35.7	)		(35.2	)		(33.6	)		(104.6	)		(101.5	)
Net management, advisory and administration fees²	$	78.7		$	81.2		$	73.8		$	234.8		$	222.5
Deferred sales charges		1.4			1.9			1.8			5.3			5.7
Adjusted revenue from AGF Capital Partners²		18.5			12.0			7.3			54.7			29.4
Other revenue²		1.2			1.9			1.1			5.1			2.4
Total adjusted net revenue²		99.8			97.0			84.0			299.9			260.0

Selling, general and administrative		66.3			68.2			50.2			192.3			156.2
Adjusted selling, general and administrative²		59.6			60.0			50.3			173.1			155.0

EBITDA²		33.0			26.6			33.8			104.8			103.8
Adjusted EBITDA²		40.2			37.0			33.7			126.8			105.0

Net income – equity owners of the Company		20.3			18.1			23.0			68.9			70.9
Adjusted net income – equity owners of the Company		24.5			23.6			22.9			81.8			71.9

Diluted earnings per share		0.30			0.27			0.34			1.03			1.05

Adjusted diluted earnings per share		0.37			0.35			0.34			1.23			1.07

Free cash flow²		29.1			23.7			22.9			73.9			62.8

Dividends per share		0.115			0.115			0.110			0.340			0.320

(end of period)	Three months ended
		Aug. 31,		May 31,			Feb. 28,			Nov. 30,			Aug. 31,
(in millions of Canadian dollars)		2024		2024			2024			2023			2023

Mutual fund assets under management (AUM)³	$	28,104	$	26,961		$	26,186		$	24,459		$	24,377
ETFs and SMA AUM		2,128		1,800			1,676			1,465			1,332
Segregated accounts and sub-advisory AUM		6,430		6,313			7,162			6,774			7,058
Total AGF Investments AUM		36,662		35,074			35,024			32,698			32,767
AGF Private Wealth AUM		8,186		8,026			7,836			7,341			7,360
AGF Capital Partners AUM		2,774		2,663			48			46			42
Total AUM	$	47,622	$	45,763		$	42,908		$	40,085		$	40,169
AGF Capital Partners fee-earning assets⁴		2,080		2,081			2,104			2,095			2,090
Total AUM and fee-earning assets⁴	$	49,702	$	47,844		$	45,012		$	42,180		$	42,259

Net mutual fund sales (redemptions)³		14		(112	)		(125	)		(224	)		(151	)
Average daily mutual fund AUM³		27,542		26,604			25,197			23,840			24,168

² Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
³ Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
⁴ Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

For further information and detailed financial statements for the third quarter ended August 31, 2024, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.com.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/fwjgan3c/. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $50 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Ken Tsang
Chief Financial Officer
416-865-4338, InvestorRelations@agf.com

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2023 Annual MD&A.

The MIL Network –

September 29, 2024

MIL-OSI: Heliene Closes $50M 45X Investment Tax Credit Transfer Sale, facilitated by Basis Climate

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN IRON, Minn., Sept. 25, 2024 (GLOBE NEWSWIRE) — Heliene Inc., a customer-first provider of North American-made solar PV modules, today announced the sale of approximately $50M Section 45X Advanced Manufacturing Production Tax Credit (45X credits). The transaction was facilitated by Basis Climate, a leading facilitator of clean energy tax credit transfers.

Heliene is able to claim eligibility for these tax credits under the guidelines of the Inflation Reduction Act’s Section 45X credits. Heliene manufactures high-quality, U.S.-made solar modules that feature a high volume of domestically-sourced components at its existing factory in Mountain Iron, Minnesota. The company is now building a new module factory in the Minneapolis-St. Paul Metro-area, with a planned start up of May 2025.

“Monetising our 45X tax credits through this sale is instrumental in continuing the growth of Heliene’s domestic manufacturing capacity,” said Martin Pochtaruk, CEO of Heliene, Inc. “This transaction provides long term sustainability, hence enabling us to expand our commitment to offering developers reliable, quality modules that feature the highest possible volume of domestic content. We’re grateful to the team at Basis Climate for facilitating this important deal. Together we’re building a stronger, bankable U.S. solar supply chain.”

This deal is believed to be among the first within the solar manufacturing industry. Heliene will use funds from this sale to reduce debt and support ongoing efforts to expand its U.S. cell and module manufacturing footprint and grow its domestic, clean energy workforce.

“Congrats to Heliene and Basis Climate for closing this transaction, which we believe is a testament to the strength of the Heliene business and the resiliency of the 45x manufacturing tax credit framework,” said Ethan Shoemaker, Partner and head of the Infrastructure Credit platform at OIC, who led an investment into Heliene in Spring 2023. “We continue to be impressed by Martin and his team, who are leading the charge for the domestic solar industry through consistent execution, innovation, and creativity.”

“We are proud to have participated in this landmark deal for Heliene and the domestic solar industry more broadly. Basis supported Heliene in the sale of their 45X credits to a profitable domestic manufacturer. This was an all-American transaction,” noted Erik Underwood, Basis Climate’s CEO. He continued, “we used visual language models to help review thousands of supporting documents to substantiate these tax credits. We look forward to applying learnings to many more deals to come.”

This tax credit transfer sale follows several months of strategic dealflow completed by Heliene, which is focused on bolstering its domestic manufacturing footprint and shoring up the U.S. solar supply chain. This included a strategic sourcing agreement with cell manufacturer Suniva, a partnership and multi-year contract with Norsun for the supply of U.S.-made wafers, and a joint venture with Premier Energies to jointly build a U.S.-based solar cell manufacturing facility.

About Heliene

Heliene is one of North America’s fastest-growing domestic module manufacturers serving the utility-scale, commercial, and residential markets. With an in-house logistics team and remarkably responsive support staff, Heliene delivers competitively priced, high performance solar modules precisely when and where customers need them to accelerate North America’s clean energy transition. Founded in 2010, Heliene consistently ranks as a highly bankable module manufacturer and has production facilities located in Canada, and the USA. For more information, visit www.heliene.com.

Media inquiries:
Carly Ross
FischTank PR
heliene@fischtankpr.com

About Basis Climate

Basis Climate is a leading facilitator of clean energy tax credit transfers, providing a seamless and efficient platform for businesses and individuals to monetize their tax credits generated from renewable energy projects. The company’s mission is to unlock the full potential of clean energy tax credits by connecting credit generators with motivated buyers, ultimately accelerating the transition to a clean and sustainable future. By leveraging technology and standardized diligence and transaction processes, Basis is able to support the full range of clean energy tax credits established by the Inflation Reduction Act of 2022.

The MIL Network –

September 29, 2024
MIL-OSI Translation: 2025 Budget: compliance with the debt brake, compensation for cost increases and reduction of the tax scale

MIL OSI Translation. Government of the Republic of France statements from French to English –

Source: Canton of Neuchatel Switzerland

09/25/2024

The State Council presents its 2025 budget project, in a situation still marked by a favorable economic climate. Despite the increases in expenses in certain areas of activity, the income statement shows a surplus of revenue of 29.9 million francs and meets the requirements of the debt brake. Significant investments are also expected. In addition, a further reduction in the tax scale is proposed.

After three accounting and budgetary years particularly marked by a favourable economic context, the 2025 budget of the State of Neuchâtel presents a surplus of revenue of 29.9 million francs on a total of 2.5 billion in expenses. Fulfilling the requirements of the debt brake, it makes it possible to amortize 1% of the State’s overdraft while ensuring the self-financing, up to 71.2%, of a significant investment envelope.

Significantly up on previous years, investments amount to nearly 147 million, with a decisive share representing 5.2% of revenues. While an envelope of this size represented an additional challenge in terms of self-financing, it reflects the many projects started in recent years that are now in their implementation phase. For the Council of State, this is a decisive period during which investment expenditure will have to remain at a high level in order to meet the major challenges of modernizing, making the canton more attractive and improving its infrastructure.

Positive revenue dynamics

Despite some signs of slowdown already perceived in the Neuchâtel economy, tax forecasts continue for the time being to benefit from the good economic situation, the fall in unemployment and inflation. Tax revenues should therefore remain at a level close to 2023, a sign of positive dynamics of resources that will help to mitigate significant increases observed in several areas of expenses.

Among other important sources of financing, the 2025 budget benefits from a significant increase in revenues received by the Canton as part of the federal financial equalization and takes into account an improvement in the outlook linked to a resumption of ordinary payments from the Swiss National Bank (SNB). While they allow us to approach 2025 with a certain serenity, these developments nevertheless call for the greatest caution given the high level of uncertainty that characterizes them and the total lack of influence exercised by the Canton. This caution is all the more important given that multiple issues are currently threatening the stability of public finances.

Need to control loads

As a sign of the many challenges that the Canton is currently facing, the 2025 budget includes significant increases in charges, particularly in the social and health sectors, where demographic change is now clearly having an impact. The rise in health costs requires, in particular, ever-increasing resources allocated to health institutions, but also to health insurance subsidies or in the area of supplementary benefits.

Expenditure is also increasing in the area of training, or in that of mobility with allowances paid to public transport companies which continue to grow. In addition to these, there are the many additional efforts that the Canton has committed to making in climate protection.

Finally, the redistribution to the municipalities of half of the federal contribution for the compensation of geotopographical overloads, which represents a burden of more than 10 million francs for the Canton, is not subject to any compensation this year and is therefore fully assumed by the State budget.

Faced with these major challenges, it is now imperative that the Canton of Neuchâtel controls its expenses and achieves a sustainable clean-up of public finances.

Compensation for cost increases and reduction of the tax scale

The 2025 budget remains impacted by inflationary pressure which, despite a clear slowdown observed in recent months, still has significant effects on many areas of State activity as well as on household purchasing power. For 2025, the Council of State therefore proposes full compensation for the increase in civil service salaries. It also proposes catching up on the indexation reserve that had to be maintained in 2024. A measure that has an overall impact on the State budget of around 30 million francs.

Furthermore, convinced that Neuchâtel taxpayers must also benefit from the good economic situation and its positive financial consequences for the State and the municipalities, the Council of State invites the Grand Council to adopt a new temporary reduction in the personal income tax scale, at a rate of 1%, which is added to the previous one. This proposal, the financial implications of which are already included in the 2025 budget, should allow the canton to continue this logic of modest progress in order to maintain and improve its attractiveness.

Efforts still needed in the medium term

The 2026-2028 financial and task plan still shows significant deficits of between 30 and 50 million, which do not include the potential deferrals of charges from the Confederation to the cantons or the impact of the responses to the various cantonal initiatives. These worrying projections and prospects should encourage the State to conduct a prudent financial policy in order to maintain sufficient room for maneuver to react in the event of an economic downturn. Significant additional efforts will therefore be necessary during the next legislature to guarantee the stability of public finances, an essential condition for being able to respond effectively to future challenges without jeopardizing compliance with the debt brake.

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

MIL Translation OSI

September 29, 2024
MIL-OSI USA: House Passes Wenstrup-Led Bills to Help Veterans, Expand Employee Access to Health Care, & Support Adopting Families

Source: United States House of Representatives – Congressman Brad Wenstrup (OH-02)

Today, the House passed H.R. 1432, the VSO Equal Tax Treatment Act or the VETT Act, and H.R. 3800, the Chronic Disease Flexible Coverage Act, legislation sponsored by Rep. Brad Wenstrup (R-OH). In addition, the House passed language from Rep. Wenstrup’s the Foster Care Adoption Oversight and Support Act in H.R. 9076, the Protecting America’s Children by Strengthening Families Act.

H.R. 1432 – The VSO Equal Tax Treatment Act or the VETT Act is a bipartisan and bicameral bill that would update a provision in the Federal tax code that currently prevents Veterans Service Organizations (VSOs) from accepting tax-deductible donations unless they maintain a membership of at least 90 percent wartime veterans. Current rules exclude veterans who joined and served after the Vietnam War and prior to the Persian Gulf War in 1991 from being considered “wartime” veterans. The VETT Act will permit all Congressionally-chartered VSOs to receive tax-deductible donations regardless of wartime membership. Federal tax policy should encourage Americans to donate to these invaluable institutions that support our nation’s veterans.

H.R. 3800 – The Chronic Disease Flexible Coverage Act expands choice, increases flexibility and reduces burdens in providing health care for employees. In particular, it will codify chronic disease management flexibilities to encourage employers to offer high-value health care services. This legislation would help employers provide expanded ‘”first dollar coverage” and allow employers the option to cover 14 chronic care management medical services including beta-blockers, glucometers, and cholesterol-lowering medications.

H.R. 9076 – The Protecting America’s Children by Strengthening Families Act would reauthorize and modernize title IV-B of the Social Security Act to strengthen child welfare services and expand the availability of prevention services to better meet the needs of vulnerable families. A provision of this bill includes language from Rep. Wenstrup’s the Foster Care Adoption Oversight and Support Act, that would gather data to assess the effectiveness of post-adoption services and resources provided to families, in order to identify gaps in accessible services, inform strategic investments, and improve outcomes for adopted children and their families.

“I am proud that the House passed this legislation today that would help our veterans, employee access to health care, and adopting families, and I hope my colleagues in the Senate move these bipartisan bills swiftly to the President’s desk to sign,” said Rep. Brad Wenstrup, D.P.M.

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MIL OSI USA News –

September 29, 2024

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