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Category: Taxation

  • MIL-OSI NGOs: Activism Less than 3% of protest arrests result in charges as ‘right to protest’ campaign launches Civil society groups concerned about politicised policing launch nationwide billboard campaign to stand up for right to protest New research by Greenpeace indicates that the Metropolitan Police have regularly arrested… by Graham Thompson July 3, 2025

    Source: Greenpeace Statement –

    • Civil society groups concerned about politicised policing launch nationwide billboard campaign to stand up for right to protest

    New research by Greenpeace indicates that the Metropolitan Police have regularly arrested protesters when there is an extremely low chance of them ever being charged. Officers made more than 600 arrests in London over the last six years for conspiracy to cause public nuisance but only 18 of them (2.8%) resulted in charges. The research also showed an almost tenfold rise in the number of arrests in the capital since 2019, when environmental protests became widespread. 

    These numbers support the belief, widespread amongst activists and protesters, that the police are abusing this offence and other anti-protest laws to remove and intimidate peaceful protesters.

    Greenpeace used Freedom of Information requests to find out how many people were arrested between 2012 and March 2025 on suspicion of conspiracy to cause a public nuisance – an offence under the Police, Crime, Sentencing and Courts Act 2022 that is frequently used by the police to clear protesters from the streets.

    Areeba Hamid, co-executive director of Greenpeace UK said: “The fact that police are routinely dragging protesters off the streets for a crime they almost always fail to charge them with amounts to an abuse of their powers and an assault on the right to protest. Arresting law-abiding people because they’re politically inconvenient is a frightening development in any democracy, and is a direct result of the government’s instinct to shut down free speech and prevent people standing up for issues they care deeply about.”

    The findings come as four leading environmental and human rights groups – Amnesty International UK, Friends of the Earth, Greenpeace and Liberty – launch a nationwide advertising campaign to stand up for the right to protest. The campaign features videos of real protesters on a range of issues holding placards that say ‘I’m protesting in here to avoid arrest out there’.

    The protesters appear on digital billboards clustered in popular shopping areas in London, Birmingham and Manchester, given free to the campaign as the prize in Ocean Outdoor’s annual Digital Creative Competition. Digital special effects by creative agency ‘elvis’ make the protesters appear to be present on the street, like a virtual protest march. They each represent a different cause including disability rights, Gaza, climate change, anti-black racism, plastic pollution and the campaign to keep the NHS public.

    Khalid Abdallah, an actor and protester for Palestinian rights from London who appears in the campaign, said: “I think a lot of people don’t realise that the crackdown on protest isn’t just about tougher laws on disruptive civil disobedience, it’s about creating a climate of intimidation. The right to speak out against the actions of the government is an important test of whether you live in a free, democratic country. I have lived in countries where rights we hold dear in Britain do not exist, and my family has paid the price for speaking out. So I did not expect Britain to be the country where I would first be investigated by police for my participation at a public protest. For six months I lived under the threat of being charged, until it was confirmed the police would not take further action. Clearly, these statistics show I’m not an isolated case.”

    Ocean Outdoor / elvis

    Researchers at Greenpeace asked the Metropolitan Police to provide data on arrests and charges for public nuisance offences between 2012 and March 2025. They found there had been 67 arrests and 8 charges for conspiring to cause a public nuisance between 2012 and the end of 2018, compared with 638 arrests and 18 charges since 2019, equating to an almost tenfold increase in arrests. The rate of arrests resulting in charges also dropped from around 12% to below 3%. 

    The sharp increase in 2019 happened around the same time that Extinction Rebellion and Fridays for Future brought thousands of people onto the streets of London to protest against the lack of action to tackle climate change. Since then, successive governments have passed additional anti-protest laws giving police officers a wider range of offences to choose from, many carrying lengthy custodial sentences, resulting in hundreds of protesters being arrested and some being handed record prison sentences of up to five years.

    Greenpeace and the other groups are calling on the Home Secretary to restore people’s right to make their voices heard on issues they care about by reversing anti-protest measures in two key pieces of legislation passed since 2022. They are also asking ministers to strike out protest clauses in the Crime and Policing Bill currently making its way through parliament.

    ENDS

    Contact

    Greenpeace UK Press Office – press.uk@greenpeace.org or 020 7865 8255

    Notes to editors

    Download images of the activists here: https://media.greenpeace.org/Detail/27MZIFJR3CJNV 

    Further stills and video footage from the campaign will become available from the link above from the first of July onwards. 

    Total arrests and charges made by the Metropolitan Police for conspiracy to cause public nuisance, 2012-2025:

    Arrests Charges Charges as % of arrests
    2012 34 2 5.9%
    2013 0 0 n/a
    2014 0 0 n/a
    2015 11 4 36.4%
    2016 19 2 10.5%
    2017 1 0 0.0%
    2018 2 0 0.0%
    Total 1 Jan 2012-31 Dec 2018 67 8 11.9%
    2019 205 6 2.9%
    2020 46 0 0.0%
    2021 272 0 0.0%
    2022 55 12 21.8%
    2023 27 0 0.0%
    2024 33 0 0.0%
    2025(1 Jan – 21 Mar) 0 0 n/a
    Total 1 Jan 2019-21 Mar 2025 638 18 2.8%

    The full dataset on arrests and charges is available here

    “Conspiracy to commit public nuisance is a serious offence under UK law that involves a group of people agreeing to cause harm, disruption, or obstruction to the public. Whether it’s blocking roads, interfering with emergency services, or creating safety risks, this offence can lead to severe legal consequences, even if the nuisance doesn’t actually happen.” https://www.moeenco.com/conspiracy-to-commit-public-nuisance

    The campaign

    The six protestors featured in the advertising campaign are:

    • Khalid Abdallah, an actor and protester for Palestinian rights from London 
    • Dr Helen Salisbury, GP and protestor for Keep Our NHS Public from Oxfordshire
    • Andy Greene, a disability rights activist with Disabled People Against the Cuts from London
    • Andrew McParland, climate activist and Greenpeace UK board member from Birmingham
    • Jen Reid, author of ‘A Hero Like Me’ and Black Lives Matter activist from Bristol
    • Sahanika Ratnayake, an academic who protests on environmental issues from Manchester

    The advertising campaign was awarded the Gold prize in the non-profit category of Ocean Outdoor’s annual Digital Creative Competition which seeks bold, original work that pushes the boundaries of ‘Digital Out of Home’ advertising. It launches on 3rd July across Ocean’s city centre Loop networks in Birmingham and Manchester, and in a high footfall area of Westfield Stratford City in London on billboards in close proximity to each other to replicate a real protest. The campaign was created and shot by elvis.

    About elvis

    elvis is an award-winning B-Corp certified creative agency that works with some of the world’s most ambitious brands. The agency’s mission is to use unexpected & unforgettable creativity to help people and brands grow in a better way. Not only is this based on the fundamental role that impact and salience play in the most powerful creative work, but also reflects the agency’s B Corp status. elvis won the non-profit category in the 2024 Ocean Outdoor Competition with their ‘Can’t arrest this billboard’ idea, in partnership with Greenpeace. elvislondon.com 

    About Ocean Outdoor

    A partner company of Atairos, the independent strategic investment company, Ocean Outdoor is the leading operator of Digital Out of Home (DOOH) advertising across the UK and Europe. The Group’s network of 4,000+ screens covers seven countries, with its technological capabilities delivering impactful and measurable DOOH brand and advertising experiences. Ocean’s portfolio covers iconic locations including the Piccadilly Lights and the BFI IMAX, and the company works closely with high-profile landlords, as well as major city councils, on the development of its network. Since 2018, Ocean has expanded into the Netherlands and the Nordics. Ocean Germany launched in 2024.

    The campaign organisations

    Liberty challenges injustice, defends freedom and campaigns for everyone in the UK to be treated fairly, with dignity and respect. Since 1934 we’ve inspired and empowered people to defend their rights, and the rights of their family, friends and communities. Join us. Stand up to power.   

    Amnesty International is the world’s largest human rights organisation with over 10 million supporters, working to protect people wherever justice, freedom, truth and dignity are denied. Amnesty International is a recipient of the Nobel Peace Prize.

    Friends of the Earth England, Wales and Northern Ireland (EWNI) is the UK’s largest grassroots network. We’re part of a global environmental justice community dedicated to the protection of the natural world and the wellbeing of everyone in it. We bring together more than two million people in 70 countries, combining people power all over the world to transform local actions into global impact. 

    Greenpeace is a movement of people who are passionate about defending the natural world from destruction. Our vision is a greener, healthier and more peaceful planet, one that can sustain life for generations to come. 

    MIL OSI NGO –

  • MIL-OSI Africa: International Monetary Fund (IMF) Executive Board Completes the First Review under the Extended Credit Facility Arrangement for the Democratic Republic of the Congo

    Source: APO – Report:

    .

    • The IMF Executive Board has completed the first review under the Extended Credit Facility arrangement for the Democratic Republic of the Congo. The decision allows for an immediate disbursement of US$ 261.9 million towards international reserves, to continue building buffers.
    • The DRC’s economy has been resilient in a challenging environment amid the escalation of the armed conflict in the eastern part of the country, which placed significant strains on the budget. The authorities have made good progress on the structural reform’s agenda, but a few quantitative targets were missed.
    • The recent peace agreement signed between the governments of the DRC and Rwanda, mediated by the United States, is encouraging for the prospect of a peaceful resolution of the conflict and renewed focus on development goals.

    The Executive Board of the International Monetary Fund (IMF) completed the first review under the Extended Credit Facility (ECF) Arrangement for the Democratic Republic of the Congo (DRC) approved on January 15, 2025 (see PR 25/003). The completion of the first review allowed an immediate disbursement equivalent to 190.4 million SDR (about US$ 261.9 million) to support balance-of-payment needs, bringing the aggregate disbursement to date to 380.5 million SDR (about 523.4 US$ million).  

    The DRC has been facing significant challenges amid the intensification of the armed conflict in its eastern part since end-2024. The escalation of hostilities has claimed thousands of lives and caused severe social and humanitarian damages, including disruptions in access to essential services such as food, water, and electricity. Diplomatic efforts are ongoing to secure a cessation of hostilities and ensure sustainable peace in the region. The signing on June 27, 2025, of a peace agreement between the governments of the DRC and Rwanda, under the mediation of the United States, is encouraging for the prospect of a peaceful resolution on the ongoing conflict and renewed focus on addressing development goals.

    Despite the challenging environment, economic activity remained resilient, with robust GDP growth of 6.5 percent in 2024, driven by continued dynamism in the extractive sector.  External stability has strengthened, as the current account deficit narrowed and the accumulation of international reserves continued. Inflationary pressures continue to ease, and year-on-year inflation declined from 23.8 percent at end-2023 to 11.7 percent at end-2024 and [8.5] percent at end-June 2025.

    Performance under the program was mixed, as the intensification of the conflict has placed significant strains on the budget. Despite strong revenue collection, the domestic fiscal deficit reached 0.8 percent of GDP in 2024, exceeding the program target of 0.3 percent, owing to spending overruns linked to the escalation of the conflict, including on exceptional security spending and public investments. The program target on the Central Bank of the Congo (BCC)’s foreign exchange assets held with domestic correspondents was missed as well, due to higher-than-expected tax payments in foreign currency on government accounts. Other quantitative performance criteria of the ECF were met. Most indicative targets were also met, except those related to the floor on social spending and the ceiling on spending executed through emergency procedures—owing to elevated exceptional security spending linked to the conflict intensification. Appropriate corrective measures are being implemented by the authorities.

    In completing the first review, the Executive Board also approved the authorities’ request for waivers of nonobservance of the performance criteria on the floor on the domestic fiscal balance at end-December 2024 on the basis of corrective actions, and the continuous ceiling on the levels of foreign currency assets of the BCC held with domestic correspondents on the basis of the temporary nature of the deviation which has since been remedied. Further, the Executive Board completed the financing assurances review under the ECF arrangement. No reform measures under the Resilience and Sustainability Facility (RSF) arrangement, approved in January 2025, were due for review at this time.

    At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:

    “The Democratic Republic of the Congo (DRC) has been confronted with heightened security challenges since late 2024. The escalation of the conflict in the eastern part of the country has caused serious human, social and economic damage and induced the government to increase spending. Despite these difficulties, the macroeconomic environment of the DRC remained broadly stable. Growth has remained robust, due to the resilience of mining production. Inflation continues to decrease, and the external position has strengthened. The economic outlook remains positive, but is fraught with downside risks related to the persistence of the conflict, declining external humanitarian assistance, global economic headwinds, and potential escalation of geopolitical conflicts. The authorities are committed to closely monitor these risks and to respond proactively to evolving challenges.

    “Budget implementation remains challenging in a difficult security context. As a result, the domestic fiscal deficit is projected to be larger than initially projected for 2025, but is expected to return to the path envisaged at program approval starting in 2026, reflecting the authorities’ commitment to carry out measures to enhance domestic revenue mobilization and strengthen the budget implementation process. Additionally, to guard against unforeseen adverse shocks, the authorities have adopted a contingency plan.

    “The Central Bank of the Congo (BCC) has maintained a tight monetary policy stance, thereby helping bring inflation down to single digits for the first time in three years. The accumulation of international reserves has continued, on the back of the narrowing of the current account deficit. Efforts must continue, to strengthen the monetary policy implementation framework, refine the foreign exchange intervention strategy, enhance the governance and safeguards of the BCC and ensure its adequate recapitalization.

    “The authorities have committed to accompany these efforts to preserve macroeconomic stability with an acceleration of structural reforms in key areas, including strengthening the AML/CFT framework, improving the business climate, enhancing transparency and governance, combating corruption and upgrading national statistics. Efforts to lay the groundwork for a timely implementation of the reform measures underpinning the RSF arrangement approved in January should be stepped up.”

    Table 1. Democratic Republic of the Congo: Selected Economic and Financial Indicators, 2023-26

    2023

    2024

    2025

    2026

    Est.

    CR No. 25/023

    Prel.

    CR No. 25/023

    Proj.

    CR No. 25/023

    Proj.

    (Annual percentage change, unless otherwise indicated)

    GDP and prices

      Real GDP

    8.5

    6.0

    6.5

    5.4

    5.3

    5.1

    5.3

         Extractive GDP

    19.7

    11.6

    12.2

    7.7

    8.2

    5.2

    5.8

         Non-extractive GDP

    3.5

    3.2

    3.5

    4.2

    3.6

    5.0

    5.0

      GDP deflator

    14.4

    17.4

    19.9

    8.8

    8.2

    7.4

    6.7

      Consumer prices, period average

    19.9

    17.7

    17.7

    8.9

    8.8

    7.3

    7.1

      Consumer prices, end of period

    23.8

    12.0

    11.7

    7.8

    7.8

    7.0

    7.0

    (Annual change in percent of beginning-of-period broad money)

    Money and credit

      Net foreign assets

    19.9

    17.4

    23.0

    18.2

    14.5

    23.7

    22.7

      Net domestic assets

    20.3

    4.9

    5.6

    -3.5

    -1.0

    -10.9

    -10.5

         Domestic credit

    34.3

    15.4

    15.2

    9.9

    10.5

    3.7

    4.2

      Broad money

    40.3

    22.4

    28.1

    14.7

    13.8

    12.8

    12.3

    (Percent of GDP, unless otherwise indicated)

    Central government finance

      Revenue and grants

    14.8

    15.6

    15.2

    15.0

    14.8

    14.9

    14.9

      Expenditures

    16.5

    16.8

    16.5

    16.8

    17.0

    16.6

    16.6

      Domestic fiscal balance

    -1.2

    -0.3

    -0.8

    -0.8

    -1.2

    -0.8

    -0.8

    Investment and saving

      Gross national saving

    9.5

    9.1

    9.6

    12.2

    11.2

    13.0

    12.5

      Investment

    15.7

    14.2

    13.5

    15.0

    14.4

    15.3

    14.8

         Non-government

    12.0

    10.0

    10.0

    10.0

    10.0

    10.0

    10.0

    Balance of payments

      Exports of goods and services

    44.0

             45.1

    47.4

    45.4

    46.1

    45.5

    46.6

      Imports of goods and services

    49.9

    48.9

    50.3

    47.3

    47.5

    46.9

    47.0

      Current account balance, incl. transfer

    -6.2

    -5.1

    -3.9

    -2.8

    -3.2

    -2.4

    -2.4

      Current account balance, excl. transfers

    -7.5

    -5.1

    -5.0

    -2.7

    -3.4

    -2.3

    -2.6

      Gross official reserves (weeks of imports)

    8.2

    10.0

    10.1

    11.5

    11.8

    12.7

    12.8

    External debt

      Debt service in percent of government revenue

    7.6

    5.7

    6.1

    6.7

    7.1

    7.0

    7.4

    – on behalf of International Monetary Fund (IMF).

    MIL OSI Africa –

  • MIL-OSI Europe: Government acknowledges additional suffering of children placed in care

    Source: Government of the Netherlands

    News item | 30-06-2025 | 14:00

    The government recognises the additional distress that children experienced due to both the benefits scandal and subsequent care orders. In a letter to the House of Representatives, Minister Struycken (Legal Protection), Minister Palmen-Schlangen (Benefits and Redress) and Minister Tielen (Youth, Prevention and Sport) respond to the ‘Inheritance of Injustice’ report by the Hamer Commission that carried out the investigation. The government has also announced specific measures to support young people.

    As Minister Struycken explains, “These young people were affected first of all by unfair claims by the Tax and Customs Administration and then by being placed in care without the causes of the problems their families were facing being sufficiently recognised. The youth care and protection system failed to prevent them being placed in care.”

    Painful conclusions call for decisive action

    The report shows that, in many cases, claims by the Tax and Customs Administration led to debt, poverty and stress which in turn created or exacerbated family problems. Shortcomings on the part of neighbourhood teams and youth care and protection meant that the financial causes were insufficiently identified and this resulted in care orders that might otherwise have been prevented.

    In the words of Minister Palmen-Schlangen, “These young people are still burdened by the negative impact each and every day. You can rest assured that you’ve now been seen and heard and we recognise the government’s actions caused a great deal of suffering. That’s why we want to help young people with what they need most.”

    Three-pronged approach: recognise, support, learn

    The government acknowledges that these children have been particularly affected by its mistakes. It now wants to initiate a careful process during which it will work together with the partners and organisations involved, as well as with young people themselves, to determine how this process of recognition should be structured and implemented and apologies made. The government also wants to expand and improve the existing child support scheme.

    A national support centre is going to be set up for all parents and young people who are looking for help with their mental health issues. In addition, a new scheme is going to be introduced for young people who were placed in care and who want to help with training and development. The independent Support Team, which helps aggrieved parents and children who were affected by care orders, is going to continue its work.

    The government wants to learn from the mistakes made, for example by adopting an integrated family approach, strengthening legal protection in the context of youth protection and a culture change which revolves around trust in families.

    Young people central to the plans

    It is important to regain the trust of those families that were affected. That is why young people themselves are going to be closely involved in the process of developing the measures. They will play an active role, including in the actual implementation of those measures, for example in terms of contact with their peers or by providing information to youth welfare organisations.

    Joint responsibility

    The government wants to prevent families from experiencing the same kind of suffering again and it is taking the lessons from the Hamer Commission report on board. The report stresses the need to address complex problems in families in a coherent way and to make the youth sector more family orientated.

    As Minister Tielen explains, “In the Youth Reform Agenda it was agreed that strong local teams should look more closely at what young people and families really need. Their situation and life experiences are key in this respect. This is an important point of departure as far as the government is concerned.”

    This move is in line with the improvements in youth protection which are being made on the basis of the Future Scenario for Child and Family Protection. The government wants fewer children to be placed in care and a coherent approach to assistance.

    Cooperation with chain partners

    Organisations such as the Child Care and Protection Board (Raad voor de Kinderbescherming), certified institutions and the judiciary have completed their own reviews and have started introducing improvement measures.

    As Minister Struycken explains, “We are adopting a joint approach. It is our collective responsibility to ensure that this suffering is never repeated and that affected children receive the support they deserve for their recovery and future.”

    The government is going to inform the House of Representatives on progress with regard to all the planned measures by the end of 2025.

    MIL OSI Europe News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY 9M 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • 9M 2024 HYDROCARBON PRODUCTION AMOUNTED TO 193.4 MLN TOE
    • 9M 2024 LIQUID HYDROCARBON PRODUCTION EQUALED 138.3 MLN TONS
    • 9M 2024 GAS PRODUCTION TOTALLED 67.0 BCM 
    • 9M 2024 EBITDA AMOUNTED TO RUB 2,321 BLN
    • 9M 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 926 BLN
    • 9M 2024 FREE CASH FLOW AMOUNTED TO RUB 1,075 BLN
    • 9M 2024 UNIT LIFTING COSTS AMOUNTED TO $2.8/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) announces its results for 9M 2024, prepared in accordance with the International Financial Reporting Standards (IFRS).

      9M
    2024    		 9M
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of associates and joint ventures 7,645 6,612 15.6%
    EBITDA 2,321 2,403 (3.4)%
    Net income attributable to Rosneft shareholders 926 1,076* (13.9)%
    CAPEX 1,052 909 15.7%
    Adjusted free cash flow 1,075 1,157 (7.1)%

    * Revised due to completion of the 2022–2023 acquisition price allocation in 2023.

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft said:

    “Due to the Russian Government’s decisions to cap oil production in addition to the quotas set by the OPEC+ agreement, Rosneft’s operating performance in the reporting period was under pressure. In this context, the Company has been taking additional steps to ensure stable financial results as well as aimed at achieving a sustainable corporate business model.

    The key rate increase resulted in the reduced efficiency of refinery modernization projects that require external financing. The outstripping growth of tariffs of natural monopolies and incremental anti-terrorist security costs exerted additional pressure on the refineries’ performance. In order to protect the shareholders’ interests and avoid losses, Rosneft has been considering the need to suspend refinery modernization projects. At the same time, meeting the domestic demand for quality petroleum products remains a priority.

    Continuous changes in the taxation system have a negative impact on the oil industry. In particular, in the reporting period, net income attributable to Rosneft’s shareholders was negatively affected by the income tax rate increase to 25% from 2025. In accordance with IFRS, this resulted in a restatement of a deferred tax with a negative income effect of RUB 0.2 trillion.

    However, efficient execution and improved development parameters of a number of our key projects afforded an opportunity to dramatically reduce the negative effect of these changes on our shareholders.

    The reported net income attributable to Rosneft shareholders was also negatively affected by the exchange rate revaluation of foreign currency liabilities due to the weakening of the national currency. For example, during the third quarter, the ruble weakened against the yuan by more than 10%.

    It is worth pointing out that net income attributable to shareholders adjusted for the non-cash effects mentioned above remained mainly unchanged year-on-year.

    Shareholders’ interests remain one of our key priorities. On November 8, the Board of Directors recommended an interim dividend of RUB 36.47 per share which resulted in the semi-annual dividend yield of 7.6%. In full compliance with the corporate dividend policy, a total of RUB 386.5 bln or 50% of H1 2024 net income is recommended to be distributed as dividends.

    In the context of high stock market volatility and taking into account our shareholders’ rights and interests, the Company has resumed its Share Buyback Program previously approved by the Board of Directors.”

    ESG

    In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In 9M 2024, the Lost Workday Injury Severity (LWIS) improved by 33%.

    In 9M 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.

    In 9M 2024, as part of the corporate program to eliminate the environmental legacy, the area of contaminated land reduced by 7% and the volume of oily waste – by 12%.

    In October 2024, Rosneft entered the first quartile in the ESG transparency ranking of the Expert RA credit rating agency. The ranking was compiled based on the analysis of public information on the sustainability performance of 124 Russian companies in four main blocks: environment, society, corporate governance and non-financial reporting standards.

    Operating performance

    Exploration and production

    In 9M 2024, Rosneft liquid hydrocarbons production amounted to 138.3 mln tons (3,753 th. bpd). The indicator performance was primarily driven by the production cap in compliance with the decisions of the Russian Government.

    9M 2024 gas production amounted to 67.0 bcm (1,488 th. boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, the Company’s 9M 2024 hydrocarbon production amounted to 193.4 mln toe (5,241 th. boepd).

    9M 2024 production drilling footage exceeded 9.1 mln meters. Rosneft commissioned over 2.2 th. new wells, 71% of which were horizontal.

    In 9M 2024, Rosneft conducted 1.2 th. km of 2D seismic and 4.8 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 31 exploratory wells with a success rate of 84%.

    Vostok Oil Project

    As part of the Vostok Oil project, in 9M 2024 the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 3 wells with 3 more wells being drilled and 1 more well being tested.

    Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 64 th. meters, while 10 production wells were completed in 9M 2024.

    Drilling and testing of another high-tech well with the horizontal section of 1,000 meters and 7-stage hydraulic fracturing at the Payakha field resulted in a stable oil flow, which confirms the resource potential of the development targets.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. Taking into account local climate patters, preparatory works for pipe laying were carried out during the summer period: more than 24 thousand piles were manufactured and prepared for mounting, over 200 km of the pipeline was welded.

    Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.

    Refining

    9M 2024 refining volume in Russia amounted to 62.6 mln tons.

    The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In 9M 2024, Rosneft produced 1,810 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 133 tons of gasoline reforming catalysts and 272 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1,002 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In 9M 2024, the Company sold 32.9 mln tons of petroleum products on the domestic market, including 9.9 mln tons of gasoline and 13.5 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In 9M 2024, Rosneft sold 7.3 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company’s share in the total volume of exchange sales of gasoline and diesel fuel amounted to 37%.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company’s key financial indicators.

    In 9M 2024, the Company’s revenue1 amounted to RUB 7,645 bln, representing an increase of 15.6% year-on-year on the back of higher oil prices. EBITDA reached RUB 2,321 bln, and the EBITDA margin amounted to 30%.

    In 9M 2024, the unit lifting costs amounted to $2.8/boe.

    9M 2024 net income attributable to Rosneft shareholders amounted to RUB 926 bln, which is 13.9% lower year-on-year driven by lower EBITDA, and higher debt financing rates, as well as non-cash factors, including the exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.

    9M 2024 capital expenditure amounted to RUB 1,052 bln, which was 15.7% higher year-on-year due to the scheduled implementation of the Company’s investment program. At the same time, Rosneft’s free cash flow2 in the reporting period reached RUB 1,075 bln.

    The net debt/EBITDA ratio at the end of September 2024 amounted to 1.2x. The indicator growth was due to payment of final dividends of RUB 307 bln for 2023, as well as depreciation of the national currency.

    1 Includes revenues from sales and equity share in profits of affiliates and joint ventures
    2 Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
    November 29, 2024

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY FULL YEAR 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • 2024 HYDROCARBON PRODUCTION  AMOUNTED TO 255.9 MLN TOE
    • 2024 LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 184.0 MLN TONS
    • 2024 GAS PRODUCTION TOTALLED 87.5 BCM
    • 2024 EBITDA AMOUNTED TO RUB 3,029 BLN
    • 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 1,084 BLN
    • 2024 FREE CASH FLOW AMOUNTED TO RUB 1,295 BLN
    • 2024 UNIT UPSTREAM COSTS AMOUNTED TO $2.9/BOE
    • THE TOTAL AMOUNT OF PAID TAXES AND OTHER PAYMENTS BY THE COMPANY TO THE CONSOLIDATED BUDGET OF THE RUSSIAN FEDERATION EXCEEDED RUB 6.1 TRLN

    Rosneft Oil Company (hereafter, “Rosneft”, and the “Company”) publishes its results for 12M 2024 prepared in accordance with International Financial Reporting Standards (IFRS).

      12M
    2024    		 12M
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of associates and joint ventures 10,139 9,163 10.7%
    EBITDA 3,029 3,005 0.8%
    Net income attributable to Rosneft shareholders 1,084 1,267 (14.4)%
    CAPEX 1,442 1,297 11.2%
    Adjusted free cash flow 1,295 1,427 (9.3)%

     

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:

    “In the reporting year, the Company operated against the backdrop of oil production cap under the OPEC+ agreement, increased taxation, the natural monopolies tariff rises outstripping inflation, incremental anti-terrorist security costs, growing sanctions pressure, and unprecedented interest rates increases.

    Management focused its efforts on revenue and EBITDA growth, while maintaining unit upstream costs at less than $3/boe, which is in line with our strategic objective, as well as on debt burden reduction. At the end of the year the net financial debt/EBITDA ratio amounted to less than 1.2x.

    Rosneft is the country’s largest taxpayer. In 2024, the total amount of paid taxes and other payments made by the Company to the consolidated budget of the Russian Federation exceeded RUB 6,1 trillion1.This is record high both for the Company and for the whole of the Russian market.

    The net income attributable to the Company’s shareholders is lower as compared to the previous year due to the impact of non-cash factors, the main one being the revaluation of tax liabilities due to the income tax rate increase to 25% from 2025. In accordance with IFRS requirements, this resulted in a restatement of deferred tax with a negative income effect of RUB 0.24 trillion. However, efficient execution and improved development parameters of a number of our key projects afforded an opportunity to dramatically reduce the negative effect of these changes.

    The sizable key rate increase exerted additional pressure on the net income. In particular, the Company’s interest expenses on loans and borrowings increased 1.5 times in 2024. I should note that the Bank of Russia maintains a very high real interest rate in the economy: in the last two years, it has been the highest in the world.

    Taking into account our shareholders’ interests and in full compliance with the dividend policy, in February, the Company paid an interim dividend of RUB 36.47 per share. The Company has been paying dividends consecutively since 1999. The dividend base has remained unchanged since the 2011 dividend, which ensures transparency and predictability of the dividend amount. I am pleased to note that in the last year alone the number of our shareholders increased by almost a third and reached 1.5 million people.

    Taking into account the negative macroeconomic environment, the Company forcibly adjusts its strategy to sustain its fundamental value. In 2024, in order to support its stock prices during the periods of sharp decline, the Company continued its Share Buyback Program previously approved by the Board of Directors. At the end of October – beginning of November 2024, when the Russian stock market hit its local lows, Rosneft successfully bought back about 2.6 mln of its shares at an average price of RUB 443.7. The Company used the same mechanism during 2020, when commodity markets suffered a COVID-pandemic related price crisis. At that time, the Company bought back about 0.76% of its shares at an average price of RUB 347.5. The current stake value exceeds the buyback price by more than 1.5х”.

    Operating performance

    Exploration and production

    FY2024, liquid hydrocarbon production amounted to 184.0 mln tons (3,737 th. bpd) on the back of, primarily, the production cap in compliance with the decisions of the Russian Government.

    In 2024, the Company’s gas production amounted to 87.5 bcm (1,455 th. boepd), maintaining Rosneft’s status as the largest independent gas producer in Russia. Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, in 2024, the Company’s hydrocarbon production amounted to 255.9 mln toe (5,192 th. boepd).

    In 2024, production drilling footage exceeded 12 mln meters. Rosneft commissioned over 3 th. new wells, horizontal wells accounting for 72% of that amount.

    In 2024, Rosneft conducted 1.2 th. linear km of 2D seismic and 5.3 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 62 exploratory wells with a success rate of 89%.

    In 2024, Rosneft discovered 7 deposits and 97 new hydrocarbon accumulations to the total of 0.2 bln toe under the AB1C1+B2C2 categories of the Russian reserve classification due to the high efficiency of the Company’s exploration activities. As a result, Rosneft’s hydrocarbon reserves under the Russian classification amounted to 21.5 bln toe (AB1C1+B2C2) at the end of 2024.

    Following an audit under the international PRMS classification (Petroleum Resources Management System), the Company’s 2P hydrocarbon reserves amounted to 11.4 bln toe. The 2P reserves replacement ratio exceeds 100%.

    Vostok Oil Project

    As part of the Vostok Oil project, in 2024, the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 4 wells, with 1 well being drilled and 3 more wells being tested.

    In the reporting year, the project scope expanded from 52 to 60 license areas, and the resource base under the Russian classification increased to 7.0 bln tons of crude oil.

    The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in 2024, production drilling footage amounted to 92 th. meters, while 11 production wells were completed. Successful drilling and testing of wells at the Payakhskoye field resulted in transportation of produced oil to the nearby Suzun field.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. As of the end of 2024, over 78,000 piles were installed; 359 km of pipeline were laid, including a 119 km long two-piped section. The Company completed laying and leak testing of the main pipeline crossing the Yenisei River, continues laying the backup pipeline.

    The Company completed most of the work on the construction of two cargo berths, as well as a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is underway, and preparatory work for the second one is carried out. Construction of a crude oil delivery and acceptance point and the Suzun oil pumping station is underway. The Company continues with the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.

    Refining

    In 2024, Rosneft processed 82.6 mln tons of crude oil in Russia.

    Efforts have been made to maintain a high degree of reliability of refining assets and transition to domestic technologies. In particular, Rosneft provides its refineries with proprietary catalysts, which are essential for the production of high-quality motor fuel. In 2024, Rosneft produced more than 2 th. tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced 138 tons of gasoline reforming catalysts and 390 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1.6 th. tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Stable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In 2024, the Company sold 43.6 mln tons of petroleum products in the domestic market, including 13.1 mln tons of gasoline and 18.1 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting year, Rosneft sold 10.1 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company’s key financial indicators.

    The Company’s revenue2 for 2024 amounted to RUB 10,139 bln, representing an increase of 10.7% year-on-year on the back of higher Urals prices. EBITDA amounted to RUB 3,029 bln with an EBITDA margin of 29.7%.

    The unit upstream liftng costs in 2024 amounted to $2.9/boe.

    FY2024 net income attributable to Rosneft shareholders amounted to RUB 1,084 bln, which was 14.4% lower year-on-year and driven primarily by higher debt financing rates, as well as non-cash factors, including exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.

    In 2024, capital expenditures amounted to RUB 1,442 bln, which was 11.2% year-on-year higher due to the scheduled implementation of the investment program at Upstream assets. At the same time, free cash flow3 in the reporting period reached RUB 1,295 bln.

    The net debt / EBITDA ratio at the end of 2024 remained unchanged in comparison with the end of Q3 2024, amounting to 1.2x, despite new negative macroeconomic factors.

    ESG

    Based on 2024 results, Rosneft reaffirmed its leading positions in sustainable development as well as high quality of information disclosure.

    The Company once again became a constituent of the Moscow Exchange – RAEX “ESG Balanced” Index with the best performance among Russian oil and gas companies. Rosneft became the only Russian oil and gas company with an AA ESG-rating assigned by RAEX for its “very high” level of ESG risk and opportunity management, with Rosneft governance rating at the highest AAA level.

    As a result of RAEX research, Rosneft was recognized as a leader of efficient management of water resources, becoming the only Russian oil and gas company among the top-10 rating participants with the highest scores in prudent water consumption, as well as in the quality of corporate policies and programs related to water consumption. The share of recycled and reused water at Rosneft production facilities consistently has exceeded 90% for 10 years.

    Moreover, Rosneft became the only Russian oil and gas company with the highest A+ rating “Leader of Corporate ESG Practices in the Russian Federation” from the Corporate Development Agency “Da-strategy”.

    In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In 2024, the Lost Workday Injury Severity (LWIS) went down by 23%.

    In 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during well drilling operations at Rosneft facilities. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.

    In 2024, Rosneft reduced the area of contaminated land by 9%, and the volume of oily waste – by 11% under the corporate program for the elimination of environmental legacy. In particular, the Company completed execution of a large-scale remediation program of legacy lands harmed during the Soviet years at the Samotlor oil field. Biological soil productivity was restored at the area of more than 2.2 th. hectares.

    1 Excluding the reimbursement of the excise duty on crude oil, which represents compensation for oil companies’ losses from motor fuels domestic price controls and refinery modernization costs.
    2 Includes sales revenue and income from associated organizations and joint ventures.
    3 Adjusted for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
     March 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY FIRST QUARTER 2025 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    ROSNEFT OIL COMPANY FIRST QUARTER 2025 IFRS RESULTS

    • HYDROCARBON PRODUCTION AMOUNTED TO 61.2 MLN TOE
    • LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 44.6 MLN TONS
    • GAS PRODUCTION TOTALLED 20.2 BCM
    • EBITDA AMOUNTED TO RUB 598 BLN
    • NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS INCREASED TO RUB 170 BLN
    • UPSTREAM LIFTING COSTS AMOUNTED TO $3/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) publishes its results for Q1 2025, prepared in accordance with the International Financial Reporting Standards (IFRS).

      Q1
    2025    		 Q4
    2024    		 % change
    RUB bln
    Revenues from sales and equity share in profits of associates and joint ventures 2,283 2,494 (8.5)%
    EBITDA 598 708 (15.5)%
    Net income attributable to Rosneft shareholders 170 158 7.6%
    Capex 382 390 (2.1)%
    Costs and expenditures 1,927 2,038 (5.4)%

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, noted:

    “In the reporting period, the Company operated in the context of continuous deterioration of the macroeconomic environment that included lower prices and wider discounts for Russia’s Urals crude oil, new sanction restrictions, as well as a stronger ruble.

    The Bank of Russia independently sets the exchange rate of the national currency, considering, primarily, the realities of the financial system. The use of such exchange rate thus does not take into account the economic conditions of the Company’s operations leading to incremental costs associated with the calculation of the tax base, currency conversion, understating the value of oil in rubles and so on.

    In the first quarter of 2025, the Company’s EBITDA was under the additional pressure from rising transportation expenses due to the tariff indexation by the natural monopolies. For example, Transneft oil transportation tariffs have gone up by 9.9% since January 2025, while petroleum product transportation tariffs and freight railroad transportation expenses have increased by 13.8% since the end of 2024.

    Most natural monopolies tariffs, including even the tariffs imposed by the Russian Post, rise outstripping inflation: since early 2024, the price of sending an ordinary postal card has increased by 20%. Electricity tariffs were raised by 9.1% from July 2024 and are scheduled to be indexed by another 11.6% in July 2025.

    Moreover, in accordance with the updated socio-economic development forecast, in 2025, indexation of regulated gas prices, electricity tariffs, and tariffs of grid companies is planned to exceed the forecast inflation rate, accelerating cost inflation.

    In these circumstances, cost control remains our constant priority. In the first quarter of 2025, upstream lifting costs amounted to $3/boe in line with our strategic goal.

    Net income increased quarter-on-quarter but declined year-on-year against the growing key interest rate. For instance, interest expenses on loans and borrowings went up 1.8 times year-on-year.

    Shareholders’ interests remain a top priority for Rosneft. On April 25, the Board of Directors recommended that the General Shareholders Meeting make a resolution on paying a final dividend of RUB 14.68 per share. In this way, the total amount of dividends attributable to shareholders and based on last year results will amount to RUB 51.15 per share”.

    Operating Performance

    Exploration and Production

    In Q1 2025, liquid hydrocarbon production amounted to 44.6 mln tons (3,681 th. bpd) on the back of challenging weather conditions in Central Russia, and oil production cap in compliance with the decisions of the Russian Government.

    In Q1 2025, the Company’s gas production amounted to 20.2 bcm (1,366 th. boe/day). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for around a third of the Company’s gas production.

    As a result, in Q1 2025, the Company’s hydrocarbon production amounted to 61.2 mln toe (5,047 th. boe/day).

    In Q1 2025, production drilling footage exceeded 2.8 mln meters. Rosneft commissioned over 0.6 th. new wells with horizontal wells accounting for 76% of that amount.

    Vostok Oil Project

    The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in Q1 2025, production drilling footage exceeded 30,000 meters, while 4 production wells were completed. The Company launched pilot production at the Payakhskoye and Ichemminskoye fields with produced oil transported by trucks.

    Work is underway at the Vankor – Payakha – Sever Bay trunk oil pipeline. As of the end of Q1 2025, 104,000 piles were installed, about 450 km of the pipeline were laid, including a 171 km long two-piped section. Most of the work on laying the backup pipeline crossing the Yenisei River was completed.

    The Company completed most of the work on the construction of two cargo berths and a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is in progress as well as preparatory work for the second berth. Construction of a crude delivery and acceptance point at Sever Bay Port terminal and the Suzun oil pumping station is underway. The Company continues the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.

    Refining

    In Q1 2025, the refining volumes amounted to 19.5 mln tons, demonstrating a quarter-on-quarter decrease. The refining volume trend is attributable to optimization of refinery utilization in view of the current pricing environment and demand, and the need for maintenance and repair works. The refining depth increased to 75.9%, while the light product yields reached 59.9%.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft key priorities. In Q1 2025, the Company sold 9.8 mln tons of petroleum products on the domestic market, including 3.2 mln tons of gasoline and 3.8 mln tons of diesel fuel. 

    The Company is an active trader at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting period, Rosneft sold 2.2 mln tons of gasoline and diesel fuel on the exchange that is 1.7 times higher than the required volume.

    Financial Performance

    Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company’s key financial indicators.

    In Q1 2025, the Company’s revenue1 amounted to RUB 2,283 bln, down 8.5% quarter-on-quarter against lower Urals prices in rubles. At the same time, the rate of costs savings and expense reductions lagged behind the revenue dynamics, with one of the reasons being indexation of tariffs imposed by the natural monopolies. As a result, Q1 2025 EBITDA decreased to RUB 598 bln, with an EBITDA margin of 26%.

    In Q1 2025, unit upstream lifting costs amounted to $3/boe.

    In Q1 2025, net income attributable to Rosneft shareholders grew quarter-on-quarter, reaching RUB 170 bln.

    In Q1 2025, capital expenditure amounted to RUB 382 bln due to the scheduled implementation of the investment program mainly at Upstream assets.

    As of the end of Q1 2025, the net debt / EBITDA ratio amounted to 1.36x that is significantly below the minimum covenant under the loan agreements.

    ESG

    In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the ‘Rosneft-2030’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In Q1 2025, the Lost Workday Injury Severity (LWIS) went down by 68%.

    Incident prevention measures resulted in a lower number of process safety events at the Company subsidiaries in Q1 2025. In particular, the frequency of incidents related to loss of containment of equipment with severe consequences of Tier 1 (PSER-1) reduced by 13% against Q1 2024, while the frequency of Tier 2 incidents (PSER-2) decreased by 19%.

    In the reporting period, no oil, gas or water shows (release of oil, gas or water to the surface) were registered during well drilling operations at the Company sites. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.

    The Company leadership in sustainable development received independent external recognition. In April 2025, Rosneft became one of the leaders in the ESG ranking  for the quality of personnel management according to RAEX, Russia’s largest non-credit agency.

    1 Includes sales revenue and income from associates and joint ventures.

    Department of Information and Advertising
     Rosneft Oil Company
     May 30, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY H1 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • H1 2024 HYDROCARBON PRODUCTION AMOUNTED TO 131.3 MLN TOE
    • H1 2024 LIQUID HYDROCARBON PRODUCTION EQUALED 92.8 MLN TONS
    • H1 2024 GAS PRODUCTION TOTALLED 46.8 BCM
    • H1 2024 EBITDA AMOUNTED TO RUB 1,650 BLN
    • H1 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 773 BLN
    • H1 2024 FREE CASH FLOW AMOUNTED TO RUB 700 BLN
    • NET DEBT/EBITDA AT THE END OF H1 2024 WAS LESS THAN 1X
    • H1 2024 UNIT LIFTING COSTS AMOUNTED TO $2.7/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) announces its results for H1 2024, prepared in accordance with the International Financial Reporting Standards (IFRS).

      H1
    2024    		 H1
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of affiliates and joint ventures 5,174 3,880* 33.4%
    EBITDA 1,650 1,401 17.8%
    Net income, attributable to Rosneft shareholders 773 609** 26.9%
    CAPEX 696 599 16.2%
    Adjusted free cash flow 700 434 61.3%

    * Adjusted for royalty effect in the Sakhalin-1 project.
    ** Revised due to completion of the 2022–2023 acquisition price allocation in 2023.

    Operating performance

    Exploration and production

    H1 2024 liquid hydrocarbons production amounted to 92.8 mln tons (3,796 th. bpd). The indicator performance is primarily driven by the production cap in compliance with the decisions of the Russian Government.

    H1 2024 gas production amounted to 46.8 bcm (1,566 th. boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, the Company’s H1 2024 hydrocarbon production amounted to 131.3 mln toe (5,362 th. boepd).

    H1 2024 production drilling footage exceeded 5.9 mln meters. Rosneft commissioned over 1.4 th. new wells, 71% of which were horizontal.

    In H1 2024, Rosneft conducted 1.2 th. sq. km of 2D seismics and 4.7 th. sq. km of 3D seismics onshore Russia. The Company completed testing of 15 exploratory wells with a success rate of 87%.

    Vostok Oil Project

    As part of the flagship Vostok Oil project, in H1 2024 the Company completed 0.7 th. linear km of 2D seismics and 0.6 th. sq. km of 3D seismics. Rosneft carried out successful testing of one well, completed drilling of two wells with two more wells being tested.

    Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 42 th. meters, six production wells were completed in H1 2024.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. As of the end of H1 2024, over 65 th. piles had been mounted; over 280 km of pipeline had been welded, including 78 km long two-piped section. The Company completed the main pipeline crossing across the Yenisei River is finalizing the trench backfilling, and has started bottom dredging for laying a backup pipeline.

    The Company has completed most of activities on two cargo berths and one berth for the port fleet at the Sever Bay Port terminal, continues construction of an oil loading berth, and is working on construction of a crude oil delivery and acceptance point. Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.

    The Company completed winter-spring cargo delivery, and over 830 th. tons of property and equipment were delivered to the project’s production facilities via the Northern sea route and winter roads. Compared to the previous period, the volume of transported cargo increased by 32%.

    Refining

    H1 2024 refining volume in Russia amounted to 40.9 mln tons.

    The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In H1 2024, Rosneft produced 1,130 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 100 tons of gasoline reforming catalysts and 185 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 630 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In H1 2024, the Company sold 21.6 mln tons of petroleum products on the domestic market, including 6.4 mln tons of gasoline and 8.8 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In H1 2024, Rosneft sold 5.0 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company’s share in the total volume of exchange sales of gasoline and diesel fuel amounted to 38%.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company’s key financial indicators.

    In H1 2024, the Company’s revenue1 amounted to RUB 5,174 bln, representing an increase of 33.4% year-on-year. EBITDA reached RUB 1,650 bln, which is 17.8% higher year-on-year. EBITDA margin amounted to 32%. At the end of H1 2024, the Net Debt/EBITDA ratio was 0.96x.

    H1 2024 unit lifting costs amounted to USD 2.7/boe.

    H1 2024 net income attributable to Rosneft shareholders increased to RUB 773 bln, a growth of 26.9%, which was mainly driven by the EBITDA growth.

    H1 2024 capital expenditure amounted to RUB 696 bln, which was 16.2% higher year-on-year and was due to the scheduled implementation of activities in the Upstream segment. At the same time, Rosneft’s free cash flow2 in the reporting period reached RUB 700 bln, which is 61.3% higher than in H1 2023.

    The Company is taking measures to reduce its ruble-denominated debt burden against the backdrop of high interest rates.

    In addition to the increase in interest rates, the outstripping growth of tariffs of natural monopolies negatively affects the Company’s performance. In particular, since 2020 increase in tariffs for cargo transportation by rail has exceeded the inflation rate by 17%.

    ESG

    In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In H1 2024, while the overall LTIF (Lost Time Injury Frequency Rate) remained unchanged, the Lost Work Injury Frequency Rate (LWIS) dropped by 34%.

    In H1 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.

    In H1 2024, the Company processed more than 30 th. tons of legacy oily waste under the program on liquidation of environmental legacy.

    Active implementation of circular economy principles is one of the Company’s strategic development areas. In April 2024, Rosneft headed the waste management rating of RAEX, Russia’s largest non-credit rating agency, of 160 Russian companies. The Company’s leadership was acknowledged on the basis of the quality of corporate waste management policies and programs, gross and unit indicators of waste generation, as well as the share of waste reuse.

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:

    “Despite external pressure and challenges including production restrictions under the OPEC+ agreement, outstripping growth of tariffs of natural monopolies, increasing tax burden and interest rates, the Company continues to achieve strong financial results thanks to its high level of operational efficiency.

    In the first half of 2024, Rosneft’s key financial indicators – revenue, EBITDA, net income, cash flow – demonstrated stability. Unit lifting costs remained at a low level of USD 2.7/boe. As the country’s largest taxpayer, Rosneft paid RUB 2.8 trln in taxes in the first half of 2024.

    The ongoing growth of the tax burden has a negative impact on the oil industry. Its high level is confirmed by the calculations based on the data of Russia’s Federal Tax Service and Ministry of Finance – for 2019-2023, the tax burden in the oil industry amounted to 75%. By comparison, the burden in other industries for the same period is much lower: in the banking sector – 27%, in mining and metallurgy – 35%, in mining of diamonds and precious metals – 31%, in the gas industry – 62%.

    Such a level of tax burden undermines the very economic model of the industry and violates the rights of investors, including individual shareholders, of which Rosneft has over 1.3 mln people.

    In August 2024, for the benefit of shareholders and in full compliance with the dividend policy, the Company completed payment of final dividends approved by the Annual general shareholder meeting totaling over RUB 307 bln (29.01 per share).The total amount of dividends for 2023 is RUB 59.78 rubles per share or RUB 634 bln, which is a record high in the Company’s history”.

    1 Includes revenues from sales and equity share in profits of affiliates and joint ventures.
    2 Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
    August 29, 2024

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • Ukraine voices concern as US halts some missile shipments

    Source: Government of India

    Source: Government of India (4)

    A decision by Washington to halt some shipments of critical weapons to Ukraine prompted warnings by Kyiv on Wednesday that the move would weaken its ability to defend against intensifying airstrikes and battlefield advances.

    Ukraine said it had called in the acting U.S. envoy to Kyiv to underline the importance of military aid from Washington continuing, and cautioned that any cut-off would embolden Russia in its war in Ukraine.

    The Pentagon’s decision – tied to concerns that U.S. military stockpiles are too low – began in recent days and includes 30 Patriot air defence missiles, which Ukraine relies on to destroy fast-moving ballistic missiles, four people familiar with the decision said on Wednesday.

    It also includes nearly 8,500 155mm artillery shells, more than 250 precision GMLRS (mobile rocket artillery) missiles and 142 Hellfire air-to-surface missiles, they said.

    “The Ukrainian side emphasised that any delay or procrastination in supporting Ukraine‘s defence capabilities will only encourage the aggressor to continue the war and terror, rather than seek peace,” Ukraine‘s foreign ministry said.

    The defence ministry said it had not been officially notified of any halt in U.S. shipments and was seeking clarity from its American counterparts.

    A Ukrainian source familiar with the situation said the decision was a “total shock.”

    Deputy White House press secretary Anna Kelly said the decision was made “to put America’s interests first” following a Department of Defense review of military support around the world.

    “The strength of the United States Armed Forces remains unquestioned — just ask Iran,” she said, referring to U.S. bombing of Iranian nuclear facilities last month.

    NATO Secretary-General Mark Rutte said the U.S. needed to take care of its stockpiles but told Fox News that “in the short term, Ukraine cannot do without all the support it can get” when it comes to ammunition and air defence systems.

    RUSSIAN AIRSTRIKES

    Dozens of people have been killed in recent airstrikes on Ukrainian cities and Russian forces, which control about a fifth of Ukraine, have been making gains in the east.

    Senator Jeanne Shaheen, the top Democrat on the U.S. Senate Foreign Relations Committee, said the decision risks Ukrainian lives, undermines Washington’s credibility and will make it harder to end the war.

    “This sends a message to not just our allies, like Ukraine and our European allies, but it sends a message to our adversaries, to China, to North Korea, to Russia, that our allies can’t count on the United States,” she told WKBK radio in her home state New Hampshire.

    Since U.S. President Donald Trump took office in January, he has softened Washington’s position towards Russia, seeking a diplomatic solution to the war and raising doubts about future U.S. military support for Kyiv.

    Trump said last week he was considering selling more Patriot air defence missiles to Ukraine after meeting President Volodymyr Zelenskiy.

    Fedir Venislavskyi, a member of the Ukrainian parliament’s national security and defence committee, said the decision to halt shipments was “very unpleasant for us“.

    In an email, the Pentagon said it was providing Trump with options to continue military aid to Ukraine in line with the goal of ending the war.

    Elbridge Colby, undersecretary of defence for policy, said it was “rigorously examining and adapting its approach…while also preserving U.S. forces’ readiness.”

    All weapons aid was briefly stopped in February, with a second, longer halt in March. Washington resumed sending the last of the aid approved under the previous administration, of Democratic President Joe Biden, but no new aid to Ukraine has been announced.

    The Kremlin welcomed the news of a halt, saying the conflict would end sooner if fewer arms reached Ukraine.

    Kyiv residents expressed alarm at the Pentagon’s decision.

    “If we end up in a situation where there’s no air defence left, I will move (out of Kyiv), because my safety is my first concern,” said Oksana Kurochkina, a 35-year-old lawyer.

    On the battlefield, a halt in precision munitions would limit the capacity of Ukrainian troops to strike Russian positions farther behind the front line, said Jack Watling, a military analyst at the Royal United Services Institute.

    “In short, this decision will cost Ukrainian lives and territory,” he said.

    (Reuters)

  • MIL-OSI USA: Here’s how President Trump’s tax cuts for the ultra-rich will hurt YOU

    Source: US State of California Governor

    Jul 2, 2025

    SACRAMENTO – As House Republicans vote on the measure as soon as tonight, President Trump’s “big beautiful” national debt-adding bill is a massive tax break for the wealthiest Americans, at the cost of programs and services used by everyday families. It gives tax breaks to the ultra-rich, balloons our national debt, and guts programs that most Americans depend on – including health care, food assistance, and public safety programs. Allow us to demonstrate:

    A plan for the ultra-rich

    Starting in 2029, those making $30,000 a year or less would see a tax increase, while the top 0.1 percent would get a $309,000 tax cut, on average – an annual tax break that is more than three times what the typical American household earns in an entire year. 

    Oh, and the “no taxes on tips” program that Trump keeps raving about? Many workers will see little to no benefit. The program for tipped workers is temporary, expiring in 2028, meanwhile the tax cut for the ultra-wealthy is permanent. By 2029, those earning less than $30,000 a year will see their taxes increase, on average. These same families will also be harmed by cuts to health care and food assistance. 

    Here’s how Trump’s plan will hurt you

    This bill is a complete betrayal of Americans by the Trump administration. Not only does it cut programs for families trying to make ends meet, but decimates middle-class opportunities – including health care and children’s access to college. 
     

    ❌ Eliminates American taxpayer jobs

    • Puts 686,000 California jobs at risk, through the elimination of the Inflation Reduction Act’s clean energy tax credits. NABTU says that if enacted, “this stands to be the biggest job-killing bill in the history of this country.”

    ❌ Significantly cuts critical family support programs

    • More than $28.4 billion slashed in federal Medicaid funding to California – increasing medical debt and jeopardizing health care providers’ ability to keep their doors open.
    • More than 11 million newly uninsured for health care nationally.
    • Roughly 17 million people would lose coverage and become uninsured by 2034 due to various Medicaid reductions and the exclusion of enhanced premium subsidies.
    • Cuts necessary food assistance for people for 3 million people nationwide in need of quality nutrition and food.
    • Establishes a tax hike for parents who pay for child care.
    • Rural hospitals across the state are likely to see care offered cut or doors closed entirely.

    ❌ Defunds public safety

    • $646 million from the Federal Emergency Management Agency (FEMA) for violence and terrorism prevention.
    • $545 million from the Federal Bureau of Investigation (FBI), cutting its workforce by more than 2,000 personnel and reducing its capacity to keep criminals off the street. 
    • $491 million from the Cybersecurity and Infrastructure Security Agency (CISA), making our cyber and physical infrastructure more vulnerable to attack.
    • $468 million from the Bureau of Alcohol, Tobacco, and Firearms (ATF), greatly reducing its ability to crack down on firearm trafficking and reduce gun violence.
    • $212 million from the Drug Enforcement Administration (DEA), greatly reducing its capacity to help state and local law enforcement and weakening efforts to fight international drug smuggling impacting the United States.
    • $107 million from Bureau of Indian Affairs (BIA) Public Safety and Justice, exacerbating current understaffing and making tribal communities less safe.

    ❌ Endangers wildfire-prone communities

    • Cuts wildfire prevention programs like – raking the forests, forest management services – and eliminates personnel hired to fight wildfires.

    ❌ Defunds Planned Parenthood

    • Defunds Planned Parenthood – essentially creating a backdoor abortion ban – that could put health care for 1.1 million patients at risk and force nearly 200 health centers to close, mostly in states where abortion is legal.

    ❌ Unfairly targets green vehicles 

    • Creates penalties for families who own a hybrid or electric vehicle – increasing the cost of taking personal responsibility even more.

    ❌ Unjustly targets American students

    • Takes away college access from millions of children by limiting families’ ability to access financial aid for college, including Pell Grants. 
    • Betrays student loan borrowers by ending student loan deferment for borrowers who experience job loss or other financial hardships, and forbids any future student loan forgiveness programs. 

    ❌ Raises costs and separates American families

    • Pours billions of dollars into supercharging the cruel and reckless raids like we have seen in Southern California and across agricultural areas, expanding the targeting of families, workers and businesses and harassment of U.S. citizens nationwide. Americans overwhelmingly agree we should have a pathway to citizenship for immigrants who have been here for years, pay their taxes, and are good members of their communities, such as farmworkers, Dreamers, and mixed-status families. 

    Recent news

    Jul 2, 2025

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    Jul 2, 2025

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    Jul 2, 2025

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    MIL OSI USA News –

  • MIL-OSI USA: Rep. Hoyle Files Four Amendments to Congressional Republicans’ Partisan Budget Bill

    Source: US Representative Val Hoyle (OR-04)

    July 02, 2025

    The amendments focused on protecting students, county payments for rural communities, & reversing H.R. 1’s massive tax cuts for the rich and big corporations

    For Immediate Release: July 2, 2025 

    WASHINGTON, D.C.  – Yesterday, in the House Committee on Rules, Representative Val Hoyle (OR-04) filed four common sense amendments to Senate Republicans’ partisan version of the budget reconciliation bill (H.R. 1) that aim to protect working families and rural communities from the worst impacts of the legislation.

    In her testimony, Rep. Hoyle underscored the need for common-sense solutions over partisan chaos, calling on Congress to listen to the American people and focus on real-world impacts instead of political theater.

    Her proposals include:

    • Inserting language from the Wall Street Tax Act which provides an alternative way to fund government programs through enacting a 0.1% transaction tax on risky trades done by speculators on Wall Street.

    Rep. Hoyle’s full testimony to the committee can be viewed here. Background on the amendments filed and how they respond to the current bill text can be found below.

    Background

    • BILL AS DRAFTED: H.R. 1, as amended by the Senate, would add $3.3 trillion to the national debt by giving the largest-ever tax cut to billionaires and big corporations.

    • REP. HOYLE’S AMENDMENT: Amendment 15 would raise over $700 billion by levying a tiny .1% tax on all trades of stocks, bonds, and derivatives. Revenues from Amendment 15 can be reinvested into programs that H.R. 1 cuts, like Medicaid and SNAP. This tax would hit Wall Street, wealthy private investors, and large corporations hardest, ensuring they pay their fair share while keeping the tax burden off of working families.

    • BILL AS DRAFTED: H.R. 1, as amended by the Senate, would cut the Pell Grant by as much as $1,500 for some students and attach overreaching credit-requirements for students receiving the grant. The program is currently slated to have a $2.8 billion deficiency at the end of this fiscal year.

    • REP. HOYLE’S AMENDMENT: Amendment 43 would double H.R. 1’s allocations for Pell Grants, ensuring that the program remains solvent without any cuts.

    • BILL AS DRAFTED: H.R. 1, as amended by the Senate, would change the Medicaid Provider Tax to reduce amount of federal matching dollars available to states who then disperse this funding to hospitals. Federal matching dollars are especially vital to help keep rural hospitals funded.

    • REP. HOYLE’S AMENDMENT: Amendment 64 would remove any changes to the Medicaid Provider Tax and is specifically aimed at keeping rural hospitals across Oregon and the country open. The amendment comes after new data showed the Senate’s version of H.R. 1 already creates an $8 billion shortfall in rural hospital funding, before Provider Tax changes are factored in.

    • BILL AS DRAFTED: H.R. 1, as amended by the Senate, would take timber revenues away from counties by mandating all revenues from increased timber production go directly to the federal government.

    • REP. HOYLE’S AMENDMENT: Amendment 411 would strike the provisions that would prevent counties from receiving standard revenue shares for timber sales on Forest Service and Bureau of Land Mangement Lands. These revenue shares are vital to helping rural governments fund schools, local safety, and more — especially as local taxbases dwindle yearly. Amendment 411 is also cost neutral.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: By The Numbers: What the GOP Tax Bill Means for Georgia

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Yesterday, Senator Reverend Warnock voted “NO” on the GOP Tax Bill, which passed by a vote of 50-50, with the Vice President breaking the tie

    The legislation will kick 750,000 Georgians off their health care, raise health care premiums for over 1.2 million Georgians, risk up to 42,000 Georgia jobs, threaten 66 rural hospitals, and add nearly $4 trillion to the national debt

    The legislation now goes to the House of Representatives for consideration

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) released the following data outlining the harms of the GOP Tax Bill for Georgians. The Senator voted “NO” on theOne Big Beautiful Bill Act, citing the tremendous consequences of the bill to hard-working families. 

    “The Senate just voted for legislation that will kick millions off their health care, close rural hospitals, and increase health care costs for everyone, all to give billionaires a tax break,” said Senator Reverend Warnock.“This vote is a disappointing reminder that Washington politicians aren’t working for ordinary people.” Read the full statement HERE.

    Below is a “By The Numbers” breakdown of what the GOP Tax Bill will mean for Georgia:

    Health Care:

    The GOP Tax bill takes away health care for nearly 17 million Americans and over 750,000 Georgians. The legislation will:

    • Kick nearly 12 million Americans off Medicaid, including 93,000 Georgians.
    • Raise premiums for nearly 20 million Americans, including over 1.2 million Georgians.
    • Threaten 66 rural hospitals and 37 nursing homes in Georgia. 
    • Raise health care costs for EVERYONE by kicking millions off health care, making them unable to cover their medical bills. Those costs are then passed on to hospitals and insurers, who pass those costs on to customers.

    Debt/Deficit:

    • The GOP Tax Bill will add roughly $4 trillion to the deficit.

    Job Loss:

    The GOP Tax Bill threatens 42,000 good-paying Georgia jobs, $28 billion in private sector investments to 51 Georgia projects.

    • The vast majority of projects announced following the passage of the clean energy tax credits have been investments in Congressional districts currently held by Republicans. 
    • This is particularly true in Georgia, where 83% of the projects, 94% of the total investment, and 75% of the jobs are in Republican districts. 
    • More than 95% of the new jobs and investments are in counties where the percentage of people with a bachelor’s degree is below the national average. 

    Energy Costs:

    The GOP Tax Bill will make it more expensive for Georgians to cover their utility bills. The legislation will:  

    • Increase electricity spending by up to $110 per year by 2026.

    Georgia Projects:

    The GOP Tax Bill will rescind funding that was intended to boost Georgia businesses. The legislation will:

    • Retract funding $158 million in federal investments for Atlanta’s The Stitch and $50 million to connect Atlanta’s southside communities, schools, hospitals, and MARTA stations to the Beltline.
    • Kill Georgia business expansion, including retracting $3.1 million in federal funding for Lanzajet’s SAF facility in Soperton, GA.

    Food Assistance

    This legislation will force Georgia seniors and children to go hungry. When this legislation is fully in effect, it is estimated to:

    • Cut some or all of food assistance for 729,000 Georgia families, including 121,000 Georgia families with children.
    • Cut some or all of food assistance for 22.3 million families nationwide.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Lamont Signs Biennial State Budget for 2026 and 2027

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that he has signed into law the biennial state budget bill for fiscal years 2026 and 2027, which makes historic investments to expand access to early childhood education, which is among the costliest item for families, all while holding the line on taxes.

    Notable investments include:

    • Early childhood education: The budget makes historic levels of investment to support Connecticut’s early childhood education system, including $417.5 million in fiscal year 2026 and $443 million in fiscal year 2027. General Fund appropriations for early childhood education are up $252.7 million between fiscal years 2018 and 2027 – a 133% increase. In addition to these investments, the budget establishes the Early Childhood Education Endowment by transferring up to $300 million of the unappropriated General Fund surplus at the close of fiscal year 2025. This endowment will be used to make more early childhood education slots available and enroll more children into the system.
    • Special education: The budget makes historic levels of investments to support special education, growing by $44.9 million in fiscal year 2026 and an additional $49.9 million in fiscal year 2027, as well as capital investments of $10 million in each year. By 2027, state investments in special education will have grown by 95%.
    • K-12 education: The budget fully funds Education Cost Sharing (ECS) grants for towns and cities, including a hold harmless provision that provides $8.7 million in fiscal year 2026 and $17.4 million in fiscal year 2027 to ensure that no municipality loses ECS funding over the biennium. Since Governor Lamont took office in 2019, ECS grants have grown by roughly $443 million – an 18% increases in support for K-12 public schools.
    • Higher education: The budget increases funding for the Roberta B. Willis Scholarship Fund – Connecticut’s state-funded scholarship program for residents who attend in-state public and private higher education institutions – by $1.4 million in fiscal year 2026 and $16.4 million in fiscal year 2027. When combined with $15 million previously reserved for fiscal year 2026, both years of the biennium will be funded at $41 million – the highest level of state-appropriated scholarship funding in more than a decade. General Fund support for UConn is increased by an additional $49 million in fiscal year 2026 and $34 million in fiscal year 2027; UConn Health receives an additional $29 million in fiscal year 2026 and an additional $25 million in fiscal year 2027; and Connecticut State Colleges and Universities (CSCU) receives a budget increase of an additional $32 million in fiscal year 2026 and $45 million in 2027.
    • Health and human service providers: The budget supports $50 million in fiscal year 2026 to annualize fiscal year 2025 increases and $126 million in fiscal year 2027 to support a 3% increase for private providers, plus an additional $30 million specific to non-DDS providers. Plus, the budget provides an additional $100.1 million to support the group home settlement over the biennium, representing a 15% increase.
    • Housing: The budget provides $3.5 million in fiscal year 2026 and $5 million in fiscal year 2027 to support eviction prevention, as well as support HUBs, which are the physical locations where individuals and families get appointments to gain access to homelessness resources. Plus $6.7 million is provided, beginning in fiscal year 2027, to increase elderly and disabled RAP vouchers, as well as HeadStart on Housing Vouchers, which is a system approach to combating homelessness with the support and collaboration of private providers, state agencies, and local communities across housing, childcare, and social services.

    Governor Lamont said, “This is a balanced, sensible budget that is under the spending cap, provides predictability and stability for residents, businesses, and municipalities, and holds the line on taxes while keeping us on a sound fiscal path. Importantly, it includes significant investments in our education system, beginning with historic levels of support for early childhood education, up through our K-12 public schools and our higher education institutions. It also protects our social services safety net, prioritizing our health and human services providers and increasing support for our most vulnerable residents, including seniors and those who have disabilities, who receive Medicaid. And while we are doing all of this, we are continuing to make historic and long-overdue payments into the pension system, preserving the strength of our fiscal guardrails, and making fiscally responsible investments into the rainy-day fund that will protect our state against any potential economic headwinds we may face in the future. I thank the legislature for their hard work and collaboration on this budget. While other states are increasing taxes and cutting services, economic analysts are pointing to Connecticut as an example of a state that has worked hard to maintain fiscal stability and is making the smart decisions that are critical for economic growth.”

    Senate President Pro Tempore Martin M. Looney said, “This budget includes several major initiatives, including a new trust fund for early childhood education that will be transformative in getting children ready for kindergarten, and a larger investment in special education to help towns deal with ever-increasing special education costs.”

    Speaker of the House Matt Ritter said, “Our budget showcases our priorities. We make critical investments in education and childcare while providing relief to thousands of working families with a $250 credit through the EITC framework. This budget was a team effort and I want to thank the chairs, Senate leaders, Governor and the staffs who worked so hard to ensure we crossed the finish line.”

    Senate Majority Leader Bob Duff said, “Voting for a significant special education funding increase and prioritizing millions of dollars more in the classroom underscores our commitment to students, parents, teachers and school personnel across this state. I want to thank Senator Looney for fighting for a strong state budget, as well as Senators Osten and Fonfara, Speaker Ritter, Majority Leader Rojas, their fiscal chairs, and all our hardworking staff for negotiating a two-year budget that delivers on so many of our promises.”

    House Majority Leader Jason Rojas said, “This budget represents a bold investment in Connecticut’s most vital asset: our people. It reflects our commitment to invest in our future – our youngest learners – through historic levels of funding for early childhood education and childcare as well as investments in special education and fully funding the state’s obligation to our traditional public schools. We know that when we invest in our children, we invest in the foundation of our communities. We continue to support our towns and cities by sustaining and increasing municipal aid to help relieve the pressure of property taxes and ensure that local governments can serve residents effectively. We’re also addressing some of the most urgent needs in our state, including affordable housing and transportation so people and our economy can keep moving forward.”

    Senator Cathy Osten, co-chair of the Appropriations Committee, said, “This is a good budget that addresses the real issues for real people that we heard about in countless hours of public hearings – food, health care, nonprofits and education.”

    State Representative Maria Horn, co-chair of the Finance, Revenue, and Bonding Committee, said, “This budget reflects the legislature’s commitment to responsible, people-first policymaking. We delivered a $250 refundable credit for working families, a $500 credit for home daycare providers, and new incentives to help families save for college – all targeted toward easing everyday costs. We also ensured small businesses can compete on a fairer playing field by modernizing our tax code and expanding support for local farms and rural economies. Even with a tough revenue forecast, we passed a balanced, forward-looking budget that supports families, strengthens our workforce, and creates a better environment for small businesses to thrive.”

    The budget bill is Public Act 25-168. The 2026 fiscal year begins July 1, 2025.

     

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 7.2.25

    Source: US State of California Governor

    Jul 2, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:
     
    Tamie McGowen, of Folsom, has been appointed Senior Advisor for Strategy and Operations for the California State Transportation Agency. McGowen has been Deputy Secretary of Communications at the California State Transportation Agency since 2023. McGowan held multiple positions at the California Department of Transportation from 1992 to 2023, including Acting Deputy Secretary for California State Transportation Agency Communications, Assistant Deputy Director of Public Affairs, Division Chief of Public Affairs, Deputy Advisor and Administrative Services Manager, Deputy Advisor/Resource Manager, and Resource Manager of Civil Rights. McGowen earned a Bachelor of Arts degree in Communications from California State University, Sacramento. This position does not require Senate confirmation, and the compensation is $195,708. McGowen is registered without party preference.

    Christina Mun, of Alameda, has been appointed Deputy Secretary of Housing Finance at the California Business, Consumer Services, and Housing Agency. Mun was Chief Strategy Officer for LeSar Holdings from 2023 to 2025. She held multiple positions at the City of Oakland Housing and Community Development Department from 2020 to 2023 including Interim Director, Deputy Director, and Chief of Staff. Mun was Multifamily Lending Senior Project Manager for City and County of San Francisco Mayor’s Office of Housing and Community Development from 2019 to 2020. She was Associate Director of Policy and Portfolio Analytics for New York City Housing Development Corporation from 2017 to 2019. Mun was Senior Project Manager for the Division of Strategic Planning for New York City Housing Preservation and Development from 2015 to 2017. She was an Acquisitions Project Manager for Resources for Community Development from 2013 to 2015. Mun was a Development Project Manager for John Stewart Company from 2009 to 2013. She was an Associate Consultant for Bay Area Economics from 2000 to 2004. Mun is a board member of East Bay Housing Organizations and serves on the ULI San Francisco Housing the Bay Steering Committee. She earned a Master of Arts in Urban Planning from the University of California, Berkeley and a Bachelor of Arts in Urban Studies from the University of California, San Diego. This position does not require Senate confirmation, and the compensation is $191,112. Mun is a Democrat.

    Joelle Ball-Straight, of Elk Grove, has been appointed Chief Deputy Director at the California Workforce Development Board. Ball-Straight has been Deputy Director of Program Implementation and Regional Support at the California Workforce Development Board since 2018, where she was Acting Deputy Director of Program Implementation and Regional Support from 2016 to 2018. She earned a Bachelor of Arts degree in Liberal Studies from California State University, Sacramento. This position does not require Senate confirmation, and the compensation is $159,660. Ball-Straight is registered with no party preference. 

    Alison Saltonstall, of Citrus Heights, has been appointed to the California Court Reporters Board. Alison has been a Court Reporter at Sacramento Superior Court since 2017. She currently is the President of the Sacramento Official Court Reporters Association and the on board of United Public Employees, representing the Court Reporters’ unit. This position requires Senate confirmation, and the compensation is $100 per diem. Alison is registered without a party preference.       
     
    Heatherlynn Gonzalez, of Los Angeles, has been appointed to the California Court Reporters Board. Gonzalez has been a Certified Shorthand Reporter since 2011. She is a member of the California Deposition Reporters Association. Gonzalez earned a Bachelor of Arts in Theater Arts and Communication/Music Composition and Theory from Whittier College. This position requires Senate confirmation, and the compensation is $100 per diem. Gonzalez is a Democrat.        

    Roy Mathur, of Hercules, has been appointed to Board of Pilot Commissioners for the Bays of San Francisco, San Pablo, and Suisun. Mathur has been Captain and Wharf Master for PBF Energy – Martinez Refining Company since 2015. He was Oil Spill Specialist for the Office of Spill Prevention and Response for the California Department of Fish and Wildlife from 2004 to 2015. Mathur was Marine Terminal Specialist for the State Lands Commission from 1995 to 2004. He was Superintendent and Terminal Operations Manager for SSA Terminals from 1994 to 1995. Mathur was Master Mariner for Great Eastern Shipping Company from 1979 to 1994. He earned a Bachelor of Science degree in Maritime Studies from the LBS College of Advanced Maritime Studies and Research. This position requires Senate confirmation, and there is no compensation. Mathur is a Democrat.

    Steven Panelli, of San Mateo, has been reappointed to the Contractors State Licensing Board, where he has served since 2021. Panelli has had multiple positions at the San Francisco Department of Building Inspection since 2005, including Chief Plumbing Inspector and Senior Plumbing Inspector. He is President of the International Association of Plumbing and Mechanical Officials and member of UA Local 38. This position requires Senate confirmation, and the compensation is $100 per diem. Panelli is registered without party preference.        

    Henry Nutt III, of American Canyon, has been reappointed to the Contractors State Licensing Board where he has served since 2024. Nutt has been a Preconstruction Executive for Southland Industries since 2019 and a Sheet Metal General Superintendent for Southland Industries since 2007. He is a member of Lean Construction Institute, Associated General Contractors of American, and Associated General Contractors of California. This position requires Senate confirmation, and the compensation is $100 per diem. Nutt is a Democrat.       

    Alan Guy, of Lafayette, has been reappointed to the Contractors State Licensing Board, where he has served since 2022. Guy has been Chief Executive Officer and President of Anvil Builders Inc. since 2010. He was Project Manager at Webcor Builders Inc from 2005 to 2009. He earned a Bachelor of Science in Mechanical Engineering from the University of California, Davis. This position requires Senate confirmation, and the compensation is $100 per diem. Guy is a Republican.

    Press releases, Recent news

    Recent news

    Jul 2, 2025

    News SACRAMENTO – Governor Gavin Newsom issued the following statement regarding the death of California Highway Patrol Officer Miguel Cano:“Officer Miguel Cano dedicated his life to serving our communities, and his passing is a heartbreaking loss for the state and…

    Jul 2, 2025

    News What you need to know: Governor Newsom is more than doubling the state’s Film and Television Tax Credit Program, and adding 16 new television projects that will generate $1.1 billion in new economic activity. BURBANK – Today, Governor Gavin Newsom joined labor…

    Jul 2, 2025

    News SACRAMENTO — Republicans spent the last 6 months fearmongering that gasoline prices would “increase by 65 cents on July 1.” Did that happen?The answer: NoIn fact, in California, gasoline prices at the pump (on average) are cheaper than yesterday, cheaper than it…

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Completes the First Review under the Extended Credit Facility Arrangement for the Democratic Republic of the Congo

    Source: IMF – News in Russian

    July 2, 2025

    • The IMF Executive Board has completed the first review under the Extended Credit Facility arrangement for the Democratic Republic of the Congo. The decision allows for an immediate disbursement of US$ 261.9 million towards international reserves, to continue building buffers.
    • The DRC’s economy has been resilient in a challenging environment amid the escalation of the armed conflict in the eastern part of the country, which placed significant strains on the budget. The authorities have made good progress on the structural reform’s agenda, but a few quantitative targets were missed.
    • The recent peace agreement signed between the governments of the DRC and Rwanda, mediated by the United States, is encouraging for the prospect of a peaceful resolution of the conflict and renewed focus on development goals.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the first review under the Extended Credit Facility (ECF) Arrangement for the Democratic Republic of the Congo (DRC) approved on January 15, 2025 (see PR 25/003). The completion of the first review allowed an immediate disbursement equivalent to 190.4 million SDR (about US$ 261.9 million) to support balance-of-payment needs, bringing the aggregate disbursement to date to 380.5 million SDR (about 523.4 US$ million).  

    The DRC has been facing significant challenges amid the intensification of the armed conflict in its eastern part since end-2024. The escalation of hostilities has claimed thousands of lives and caused severe social and humanitarian damages, including disruptions in access to essential services such as food, water, and electricity. Diplomatic efforts are ongoing to secure a cessation of hostilities and ensure sustainable peace in the region. The signing on June 27, 2025, of a peace agreement between the governments of the DRC and Rwanda, under the mediation of the United States, is encouraging for the prospect of a peaceful resolution on the ongoing conflict and renewed focus on addressing development goals.

    Despite the challenging environment, economic activity remained resilient, with robust GDP growth of 6.5 percent in 2024, driven by continued dynamism in the extractive sector.  External stability has strengthened, as the current account deficit narrowed and the accumulation of international reserves continued. Inflationary pressures continue to ease, and year-on-year inflation declined from 23.8 percent at end-2023 to 11.7 percent at end-2024 and [8.5] percent at end-June 2025.

    Performance under the program was mixed, as the intensification of the conflict has placed significant strains on the budget. Despite strong revenue collection, the domestic fiscal deficit reached 0.8 percent of GDP in 2024, exceeding the program target of 0.3 percent, owing to spending overruns linked to the escalation of the conflict, including on exceptional security spending and public investments. The program target on the Central Bank of the Congo (BCC)’s foreign exchange assets held with domestic correspondents was missed as well, due to higher-than-expected tax payments in foreign currency on government accounts. Other quantitative performance criteria of the ECF were met. Most indicative targets were also met, except those related to the floor on social spending and the ceiling on spending executed through emergency procedures—owing to elevated exceptional security spending linked to the conflict intensification. Appropriate corrective measures are being implemented by the authorities.

    In completing the first review, the Executive Board also approved the authorities’ request for waivers of nonobservance of the performance criteria on the floor on the domestic fiscal balance at end-December 2024 on the basis of corrective actions, and the continuous ceiling on the levels of foreign currency assets of the BCC held with domestic correspondents on the basis of the temporary nature of the deviation which has since been remedied. Further, the Executive Board completed the financing assurances review under the ECF arrangement. No reform measures under the Resilience and Sustainability Facility (RSF) arrangement, approved in January 2025, were due for review at this time.

    At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:

    “The Democratic Republic of the Congo (DRC) has been confronted with heightened security challenges since late 2024. The escalation of the conflict in the eastern part of the country has caused serious human, social and economic damage and induced the government to increase spending. Despite these difficulties, the macroeconomic environment of the DRC remained broadly stable. Growth has remained robust, due to the resilience of mining production. Inflation continues to decrease, and the external position has strengthened. The economic outlook remains positive, but is fraught with downside risks related to the persistence of the conflict, declining external humanitarian assistance, global economic headwinds, and potential escalation of geopolitical conflicts. The authorities are committed to closely monitor these risks and to respond proactively to evolving challenges.

    “Budget implementation remains challenging in a difficult security context. As a result, the domestic fiscal deficit is projected to be larger than initially projected for 2025, but is expected to return to the path envisaged at program approval starting in 2026, reflecting the authorities’ commitment to carry out measures to enhance domestic revenue mobilization and strengthen the budget implementation process. Additionally, to guard against unforeseen adverse shocks, the authorities have adopted a contingency plan.

    “The Central Bank of the Congo (BCC) has maintained a tight monetary policy stance, thereby helping bring inflation down to single digits for the first time in three years. The accumulation of international reserves has continued, on the back of the narrowing of the current account deficit. Efforts must continue, to strengthen the monetary policy implementation framework, refine the foreign exchange intervention strategy, enhance the governance and safeguards of the BCC and ensure its adequate recapitalization.

    “The authorities have committed to accompany these efforts to preserve macroeconomic stability with an acceleration of structural reforms in key areas, including strengthening the AML/CFT framework, improving the business climate, enhancing transparency and governance, combating corruption and upgrading national statistics. Efforts to lay the groundwork for a timely implementation of the reform measures underpinning the RSF arrangement approved in January should be stepped up.”

    Table 1. Democratic Republic of the Congo: Selected Economic and Financial Indicators, 2023-26

    2023

    2024

    2025

    2026

    Est.

    CR No. 25/023

    Prel.

    CR No. 25/023

    Proj.

    CR No. 25/023

    Proj.

    (Annual percentage change, unless otherwise indicated)

    GDP and prices

      Real GDP

    8.5

    6.0

    6.5

    5.4

    5.3

    5.1

    5.3

         Extractive GDP

    19.7

    11.6

    12.2

    7.7

    8.2

    5.2

    5.8

         Non-extractive GDP

    3.5

    3.2

    3.5

    4.2

    3.6

    5.0

    5.0

      GDP deflator

    14.4

    17.4

    19.9

    8.8

    8.2

    7.4

    6.7

      Consumer prices, period average

    19.9

    17.7

    17.7

    8.9

    8.8

    7.3

    7.1

      Consumer prices, end of period

    23.8

    12.0

    11.7

    7.8

    7.8

    7.0

    7.0

    (Annual change in percent of beginning-of-period broad money)

    Money and credit

      Net foreign assets

    19.9

    17.4

    23.0

    18.2

    14.5

    23.7

    22.7

      Net domestic assets

    20.3

    4.9

    5.6

    -3.5

    -1.0

    -10.9

    -10.5

         Domestic credit

    34.3

    15.4

    15.2

    9.9

    10.5

    3.7

    4.2

      Broad money

    40.3

    22.4

    28.1

    14.7

    13.8

    12.8

    12.3

    (Percent of GDP, unless otherwise indicated)

    Central government finance

      Revenue and grants

    14.8

    15.6

    15.2

    15.0

    14.8

    14.9

    14.9

      Expenditures

    16.5

    16.8

    16.5

    16.8

    17.0

    16.6

    16.6

      Domestic fiscal balance

    -1.2

    -0.3

    -0.8

    -0.8

    -1.2

    -0.8

    -0.8

     

     

     

     

     

     

     

     

    Investment and saving

     

     

     

     

     

     

     

      Gross national saving

    9.5

    9.1

    9.6

    12.2

    11.2

    13.0

    12.5

      Investment

    15.7

    14.2

    13.5

    15.0

    14.4

    15.3

    14.8

         Non-government

    12.0

    10.0

    10.0

    10.0

    10.0

    10.0

    10.0

     

    Balance of payments

      Exports of goods and services

    44.0

             45.1

    47.4

    45.4

    46.1

    45.5

    46.6

      Imports of goods and services

    49.9

    48.9

    50.3

    47.3

    47.5

    46.9

    47.0

      Current account balance, incl. transfer

    -6.2

    -5.1

    -3.9

    -2.8

    -3.2

    -2.4

    -2.4

      Current account balance, excl. transfers

    -7.5

    -5.1

    -5.0

    -2.7

    -3.4

    -2.3

    -2.6

      Gross official reserves (weeks of imports)

    8.2

    10.0

    10.1

    11.5

    11.8

    12.7

    12.8

     

    External debt

      Debt service in percent of government revenue

    7.6

    5.7

    6.1

    6.7

    7.1

    7.0

    7.4

    Sources: Congolese authorities and IMF staff estimates and projections.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    https://www.imf.org/en/News/Articles/2025/07/02/pr-25238-democratic-republic-of-the-congo-imf-completes-the-1st-rev-under-ecf-arrang

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Australia: Sporting organisations

    Source: New places to play in Gungahlin

    Your organisation will be exempt from income tax, and can self-assess its exemption, if it meets all of the following requirements:

    • it’s a not-for-profit society, association or club
    • it’s established for the purpose of encouragement of either of the following
      • a game or sport
      • animal racing
    • it’s not a charity
    • it meets one of the 3 following tests 
      • physical presence in Australia test
      • DGR test
      • prescribed by law test
    • it complies with all the substantive requirements in its governing rules
    • it applies its income and assets solely for the purpose for which it is established.

    Taxation Ruling TR 2022/2 Income tax: the games and sports exemption provides detailed guidance for organisations seeking additional information to determine whether they are entitled to self-assess as income tax exempt.

    If all of your organisation’s purposes are charitable purposes for the public benefit and you do not have any independent non-charitable purposes, your organisation cannot self-assess as income tax exempt under this category. Your organisation will need to be registered as a charity with the Australian Charities and Not-for-profits Commission (ACNC) and receive our endorsement to access an income tax exemption.

    For more information on what is a charitable purpose, see the Australian Charities and Not-for-profits Commission’s websiteExternal Link.

    Society, association or club

    A society, association or club is an entity made up of people who have come together to implement a common purpose.

    An individual, or an incorporated body that has only one member, is not a society, association or club. A fund which only holds money to support activities carried out by other entities is also not a society, association or club.

    The members of a society, association or club do not need to be natural persons. They can be an association of other entities.

    Main purpose

    The main purpose of the society, association or club must be encouragement of a game or sport, or animal racing. To work out your organisation’s main purpose, look at its:

    • constituent documents
    • activities
    • use of funds
    • history.

    Any other purpose of the organisation must be incidental, ancillary or secondary to encouragement of a game or sport, or animal racing.

    For example, if your organisation’s main purpose is providing social and recreational facilities and activities, it won’t be exempt. This is the case even if your organisation also gives money to encourage games, sports or animal racing.

    Example 1: not for the encouragement of a game or sport

    An NFP club’s main operations are providing dining, gaming and leisure facilities at its clubhouse. It gives a minor yearly grant to an associated rowing club but is not involved in rowing itself.

    The club doesn’t qualify for the exemption.

    End of example

    Example 2: car appreciation club (not encouraging a game or sport)

    Classic Car Club (the Club) is an NFP association that holds events for enthusiasts of a particular make of car. The Club’s events are focused on providing attendees with information on how to maintain their cars and opportunities to build networks with each other.

    The Club’s main purpose is to promote a common interest in a particular make of car, as opposed to encouraging a game or sport.

    The Club doesn’t qualify for the exemption.

    End of example

    Example 3: recreational fishing activities (not encouraging a game or sport)

    The One That Got Away Club (the Club) provides services and amenities for people who like to fish in the bay near the clubhouse and in surrounding watercourses. The services provided include weather and boating information, guest speakers and a bar and canteen which open daily. Members-only competitions are held once a month.

    While a fishing competition can be a sport, the Club’s main purpose is to provide services and amenities for members to do recreational fishing. The Club was not formed for the main purpose of encouraging a game or sport.

    The Club doesn’t qualify for the exemption.

    End of example

    Example 4: club with sporting facilities occasionally conducting sporting activities for members (not encouraging a game or sport)

    Our Community Club (the Club) is an NFP association which was initially established for networking purposes, but now also provides dining, entertainment, gym and sporting facilities for its members. Occasionally, the Club organises member-only sporting competitions using its sporting facilities.

    Whilst the Club occasionally organises sporting competitions for its members, the Club’s main purpose is to provide a broad variety of services and facilities to its members and encourage social and networking activities among its members.

    The Club doesn’t qualify for the exemption.

    End of example

    Example 5: services to members with incidental sporting activities – ski lodge (not encouraging a game or sport)

    Super Ski Club (the Club) is an NFP association which owns and operates a ski lodge. It was originally established to provide accommodation for its members to regularly participate in recreational skiing and snowboarding. When the Club’s lodging facilities are not fully used by its members, they are made available to the public on a commercial basis.

    The Club is affiliated with an association (the Association) which regularly holds snow sports competitions. The Club allows the Association to use its lodging facilities for meetings and equipment storage on an inconsistent basis. The Club also makes its lodging facilities available at discounted rates to individuals competing in the Association’s competitions, provided they are not already reserved by its members. The Club doesn’t enter any teams into any sporting competitions itself.

    The Club’s main purpose is the provision of accommodation to its members. The substantial and prioritised member usage of the Club’s lodging facilities, inconsistent support provided to the Association and lack of direct involvement in any sporting competitions indicates that the encouragement of a game or sport is not the Club’s main purpose.

    The Club doesn’t qualify for the exemption.

    End of example

    Game or sport

    The terms ‘game’ and ‘sport’ are not defined and take their ordinary meaning. Games and sports extend to athletic games or sports (such as football and swimming) and non-athletic games (such as chess and bridge).

    They don’t extend to:

    • stamp-collecting
    • keeping and showing pets
    • making model railways
    • maintaining vintage cars
    • various social and recreational pursuits.

    Encouragement of a game or sport extends to less direct means such as:

    • research or testing
    • developing referees
    • providing sporting facilities.

    Example 6: for the encouragement of a game or sport

    An NFP association’s purpose is to provide a sports ground for use by the local hockey, soccer and cricket clubs.

    The association will qualify for the exemption if it is not a charity and it also meets the other requirements.

    End of example

    Example 7: rallying and track racing club (encouraging a game or sport)

    Riverstone Rally Club (the Club) is an NFP association that holds rallying and track racing activities. It is managed by a committee of members that actively participate in competitive rallying and track racing.

    The Club owns and maintains a local motorsport circuit, which is available for public usage. It regularly hosts rallying and track racing contests on its circuit and participates in state and national-level competitions.

    The Club’s main purpose is to encourage a game or sport. It will qualify for the exemption.

    End of example

    Example 8: ski club (encouraging a game or sport)

    Aussie Alps Ski Club (the Club) is an NFP association. The Club’s governing document states it has been set up to promote snow sports. The Club’s management committee consists of former snow sports athletes.

    The Club owns and operates a snow sports lodge and training and conditioning facility, which are available to the public (at commercial rates) and to a development snow sports squad selected by a national snow sports body (at no cost).

    The Club also regularly hosts skiing competitions. The Club consistently uses most of its profits to cover the training, accommodation and travel fees of skiing athletes representing Australia in the Olympics.

    The Club’s main purpose is to encourage a game or sport. It will qualify for the exemption.

    End of example

    Animal racing

    The income tax exemption includes horse racing, trotting and greyhound racing, and the racing of other animals.

    If your organisation doesn’t meet all the requirements for exemption for this category, you should check the other exemption categories in Eligible types of income tax exempt organisations.

    Early self-review worksheet for sporting organisations with multiple purposes

    Sporting organisations with multiple purposes can use the Working out your club’s income tax status worksheet (PDF, 220KB) when conducting an early self-review of their income tax status. The worksheet includes a schedule to help sporting organisations with multiple purposes weigh up their features and work out their main purpose.

    Once completed, the worksheet should be kept for your records. It does not need to be sent to the ATO.

    It is important to note that non-charitable NFPs with an active ABN, including sporting organisations, must lodge an annual NFP self-review return to notify their eligibility to self-assess income tax exemption.

    The worksheet is not a substitute for the lodgment of the NFP self-review return. However, if your sporting organisation has multiple purposes, the worksheet may help your sporting organisation work out its main purpose, so that it may accurately complete its NFP self-review return.

    MIL OSI News –

  • MIL-Evening Report: Trump is not like other presidents – but can he beat the ‘second term curse’ that haunts the White House?

    Source: The Conversation (Au and NZ) – By Garritt C. Van Dyk, Senior Lecturer in History, University of Waikato

    Getty Images

    While he likes to provoke opponents with the possibility of serving a third term, Donald Trump faces a more immediate historical burden that has plagued so many presidents: the “second term curse”.

    Twenty-one US presidents have served second terms, but none has reached the same level of success they achieved in their first.

    Second term performances have ranged from the lacklustre and uninspiring to the disastrous and deadly. Voter dissatisfaction and frustration, presidential fatigue and a lack of sustainable vision for the future are all explanations.

    But Trump doesn’t quite fit the mould. Only one other president, Grover Cleveland in the late 19th century, has served a second nonconsecutive term, making Trump 2.0 difficult to measure against other second-term leaders.

    Trump will certainly be hoping history doesn’t repeat Cleveland’s second-term curse. Shortly after taking office he imposed 50% tariffs, triggering global market volatility that culminated in the “Panic of 1893”.

    At the time, this was the worst depression in US history: 19% unemployment, a run on gold from the US Treasury, a stock market crash and widespread poverty.

    More than a century on, Trump’s “move fast and break things” approach in a nonconsecutive second term might appeal to voters demanding action above all else. But he risks being drawn into areas he campaigned against.

    So far, he has gone from fighting a trade war and a culture war to contemplating a shooting war in the Middle East. His “big beautiful bill” will add trillions to the national debt and potentially force poorer voters – including many Republicans – off Medicaid.

    Whether his radical approach will defy or conform to the second term curse seems very much an open question.

    No kings

    The two-term limit was enacted by the 22nd Amendment to the Constitution in 1951. Without a maximum term, it was feared, an authoritarian could try to take control for life – like a king (hence the recent “No Kings” protests in the US).

    George Washington, James Madison and Thomas Jefferson all declined to serve a third term. Jefferson was suspicious of any president who would try to be re-elected a third time, writing:

    should a President consent to be a candidate for a 3d. election, I trust he would be rejected on this demonstration of ambitious views.

    There is a myth that after Franklin Delano Roosevelt broke the de facto limit of two terms set by the early presidents, the ghost of George Washington placed a curse on anyone serving more than four years.

    At best, second-term presidencies have been tepid compared to the achievements in the previous four years. After the second world war, some two-term presidents (Eisenhower, Reagan and Obama) started out strong but faltered after reelection.

    Eisenhower extricated the US from the Korean War in his first term, but faced domestic backlash and race riots in his second. He had to send 500 paratroopers to escort nine Black high school students in Little Rock, Arkansas, to enforce a federal desegregation order.

    Reagan made significant tax and spending cuts, and saw the Soviet Union crumble in term one. But the Iran-Contra scandal and watered down tax reform defined term two.

    Obama started strongly, introducing health care reform and uniting the Democratic voter base. After reelection, however, the Democrats lost the House, the Senate, a Supreme Court nomination, and faced scandals over the Snowden security leaks and Internal Revenue Service targeting of conservative groups.

    Truly disastrous examples of second term presidencies include Abraham Lincoln (assassination), Woodrow Wilson (first world war, failure of the League of Nations, a stroke), Richard Nixon (Watergate, impeachment and resignation), and Bill Clinton (Lewinsky scandal and impeachment).

    Room for one more? Trump has joked about being added to Mount Rushmore.
    Shutterstock

    Monumental honours

    It may be too early to predict how Trump will feature in this pantheon of less-than-greatness. But his approval ratings recently hit an all-time low as Americans reacted to the bombing of Iran and deployment of troops in Los Angeles.

    A recent YouGov poll showed voters giving negative approval ratings for his handling of inflation, jobs, immigration, national security and foreign policy. While there has been plenty of action, it may be the levels of uncertainty, drastic change and market volatility are more extreme than some bargained for.

    An uncooperative Congress or opposition from the judiciary can be obstacles to successful second terms. But Trump has used executive orders, on the grounds of confronting “national emergencies”, to bypass normal checks and balances.

    As well, favourable rulings by the Supreme Court have edged closer to expanding the boundaries of executive power. But they have not yet supported Trump’s claim from his first term that “I have an Article 2, where I have the right to do whatever I want as President”.

    Some supporters say Trump deserves a Nobel Peace Prize. And he was only half joking when he asked if there is room for one more face on Mount Rushmore. But such monumental honours may only amount to speculation unless Trump’s radical approach and redefinition of executive power defy the second-term curse.

    Garritt C. Van Dyk has received funding from the Getty Research Institute.

    – ref. Trump is not like other presidents – but can he beat the ‘second term curse’ that haunts the White House? – https://theconversation.com/trump-is-not-like-other-presidents-but-can-he-beat-the-second-term-curse-that-haunts-the-white-house-260002

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Rep. Estes Reacts To Canada’s Removal Of DSTs

    Source: United States House of Representatives – Congressman Ron Estes (R-Kansas)

    Rep. Estes Reacts To Canada’s Removal Of DSTs

    WASHINGTON – Rep. Ron Estes (R-Kansas) released a statement following Canada’s announcement to rescind their Digital Services Taxes (DSTs) on the United States yesterday.
     
    “Canada’s decision to rescind their egregious Digital Services Taxes is a win for American businesses and workers,” said Rep. Estes. “I’ve consistently called for an end to this discriminatory tax practice, and I’m grateful that under President Trump’s leadership, American tax sovereignty is being protected.”

    Background

    Rep. Estes has long opposed DSTs, including Canada’s Digital Services Tax Act (DSTA). Most recently, he and his colleagues sent a letter to President Donald Trump urging the removal of Canada’s DST.

    In 2023, Rep. Estes introduced a resolution against foreign DSTs. Last year, Rep. Estes condemned Canada’s initial Digital Services Tax on the United States. During the 119th Congress, Rep. Estes issued a statement of support on the Trump administration’s investigation into DSTs.

    MIL OSI USA News –

  • MIL-OSI: New Open Market Pattern: Strategic Opportunities in the XRP and DRML Mining Machine Alliance

    Source: GlobeNewswire (MIL-OSI)

    London, UK, July 02, 2025 (GLOBE NEWSWIRE) — The crypto industry evolves rapidly. Among emerging collaborations, the alliance between XRP and DRML mining machines is gaining attention. Both technologies aim to simplify and amplify blockchain infrastructure. When combined, they introduce a new era of innovation, speed, and efficiency in mining operations.

    XRP’s fast, secure, and low-cost transactions offer the perfect foundation for scalable mining platforms. DRML Miner, known for high-performance and energy-saving mining machines, complements this with hardware that performs without massive energy consumption.

    Why the XRP-DRML Partnership Matters to the Open Market

    The open market is fueled by progress. XRP’s advanced blockchain network ensures instant payments and ultra-low fees. DRML’s contribution lies in optimizing mining hardware, using smart power consumption and efficient chips.

    Together, this duo could transform how miners earn. Transaction speeds improve, and hardware becomes more affordable. That’s not just evolution — it’s disruption. It promises better profit margins and more stable long-term investments for crypto participants.

    Enhanced Mining Efficiency and Lower Operational Costs

    DRML machines are already known for superior hash rates with minimal energy waste. Partnering with XRP creates new mining ecosystems that require less operational capital. Instant rewards paid in XRP reduce friction in payout processing.

    Miners no longer need to rely on third-party processors or suffer delays. Every transaction becomes fast, transparent, and verified. That leads to greater savings and smoother cash flows. Miners can scale with lower barriers to entry.

    Tapping Into Emerging Global Markets

    This strategic cooperation opens the door to underserved regions. Countries in Latin America, Africa, and Southeast Asia are seeking efficient and affordable blockchain solutions. The XRP-DRML duo fits that demand.

    By providing discounted DRML hardware preloaded with XRP benefits, local operators gain tools to mine profitably. That could lead to a rise in mining adoption globally. Moreover, these regions might become future hubs for decentralized finance infrastructure.

    Creating New Revenue Channels and Loyalty Programs

    XRP offers more than fast transfers. It also functions as a bridge currency. DRML can tap into that to streamline international payments with ease. Vendors and miners can use XRP for cross-border hardware purchases, minimizing currency exchange fees.

    DRML could also roll out exclusive incentives — like lower service charges or faster delivery for XRP-based purchases. These perks promote repeated usage and brand loyalty. Both XRP and DRML benefit from this closed-loop ecosystem of recurring transactions.

    Building Trust and Enhancing Transparency

    Every great partnership thrives on trust. XRP’s public ledger brings traceability to every transaction. When DRML Miner hardware is sold, the payment trail remains crystal clear.

    For miners, this means faster verification and fewer disputes. With fewer delays in processing, confidence increases. Transparency adds value to business-to-business deals, elevating DRML’s brand and XRP’s utility in real-world transactions.

    Addressing Challenges Before They Emerge

    Of course, challenges exist. Global regulatory pressures could influence blockchain partnerships. Hardware manufacturing still faces risks from chip shortages or rising energy prices.

    However, both XRP and DRML have teams that anticipate market fluctuations. Their agility and innovative drive position them to navigate complex environments. Combined, they offer resilience backed by solid tech and strategic planning.

    The Future Vision: A Smarter Crypto Economy

    This alliance could do more than improve mining. It might redefine the economic model behind crypto production and distribution. With XRP providing instant liquidity and DRML offering scalable mining gear, the two set a precedent for future projects.

    New startups and existing miners alike can benefit from these innovations. Whether you’re a solo miner or run a large-scale operation, this partnership offers efficiency, reduced costs, and greater global access.

    Conclusion: XRP and DRML as a Crypto Power Duo

    XRP and DRML are not just collaborating — they’re setting a new standard. Together, they can cut costs, speed up transactions, and reach global markets that need innovation most. The open market thrives on change, and this synergy could very well lead the charge into a more inclusive and efficient crypto mining economy.

    The future of crypto isn’t just digital — it’s smarter, faster, and more interconnected. And XRP with https://drmlminers.com/ might just be the partnership that lights the way.

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI USA: Hoeven: We Secured the Heart and Soul of the Farm Bill in One Big Beautiful Bill

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    07.02.25
    Bill Approved by Senate Updates Reference Prices, Strengthens Crop Insurance
    FARGO, N.D. – Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee and a senior member of the Senate Agriculture Committee, today held a roundtable with North Dakota farm leaders to outline provisions he secured in the One Big Beautiful Bill, including:
    Updated reference prices, with built-in future increases.
    Elements of Hoeven’s FARMER Act to strengthen crop insurance and make higher levels of coverage more affordable for producers.
    Sugar Program Extension.
    Improvements to Livestock Disaster Programs.
    “The One Big Beautiful Bill provides significant tax relief for working Americans, including our farmers and ranchers, but we also secured the heart and soul of the farm bill in this legislation,” said Hoeven. “That includes priorities like updated reference prices for this crop year, stronger and more affordable crop insurance, as well as updates to the sugar program and improvements to livestock disaster programs. These are the core pieces of the farm bill and vital to farm country. The Senate has now passed what is essentially a seven year farm bill.”
    Specifically, the legislation:
    Increases reference prices for Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) by 10% to 20% (specific increase varies by commodity).
    Built-in future reference price increases with an inflation adjuster and an improved price escalator to prevent reference prices from becoming outdated when market and input costs change.
    New safety net begins right away – producers can receive the higher of the ARC or PLC payment for this crop year, 2025, with the new updated reference prices. North Dakota farmers will see tens of millions of dollars in relief in 2025 alone thanks to these updates.
    Key provisions of Hoeven’s FARMER Act to strengthen and expand access to affordable crop insurance:
    Increases premium support for individual-based coverage across nearly all levels – starting at 55% — by an additional 3-5%.
    Enhances the Supplemental Coverage Option by raising the coverage level from 86% to 90%, and boosts premium support from 65% to 80%.
    Extension of the sugar program through 2031, while increasing the sugar loan rate to better align with current market conditions.
    Improvements to livestock disaster programs
    Sets Livestock Indemnity Program (LIP) payments at 100% of market value for losses from federally protected predators and 75% for weather and disease losses.
    Improves the Livestock Forage Program (LFP) to provide one monthly payment to eligible producers with grazing land in counties rated D2 (severe drought) for at least four consecutive weeks and two payments if D2 persists during any seven of eight consecutive weeks within the normal grazing period.
    Tax Relief for Agriculture Producers
    The legislation permanently extends current individual tax rates and bracket changes of the Tax Cuts and Jobs Act, preserving $4 trillion in tax breaks, and increasing take-home pay by up to $10,900 in the first four years for the typical family as a result of economic growth and tax relief. The legislation also provides tax relief for farmers and ranchers and other small businesses, including:
    Permanent relief from the death tax by setting the exemption to $15 million or $30 million for those married filing jointly, adjusted for inflation.
    Permanently extending the Section 199A pass-through deduction for small businesses, farmers and ranchers.
    Permanently extending the Section 199A(g) deduction used by agricultural cooperatives.
    Increasing the Section 179 expensing amount to $2.5 million and increasing the phaseout for qualified property at $4 million.
    Making permanent the 30 percent interest expense allowance.
    Making permanent 100 percent bonus depreciation.

    MIL OSI USA News –

  • MIL-OSI USA: Hoeven Outlines Permanent Tax Relief for American Families, Workers & Small Businesses

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    07.02.25
    One Big Beautiful Bill Preserves & Expands Tax Breaks for Low- and Middle-Income Households, Empowers Small Businesses, Farmers & Ranchers to Invest in Their Operations
    BISMARCK, N.D. – Senator John Hoeven today held a press conference with local business leaders and community members to discuss the benefits of the One Big Beautiful Bill (OBBB) to families and small businesses in North Dakota. Hoeven stressed the legislation maintains and expands tax benefits for low- and middle-income households, reduces the tax burden on workers and boosts the U.S. economy. Combined, the bill’s provisions:
    Preserve $4 trillion in tax relief.
    Will increase take-home pay by up to $10,900 in the first four years for the typical family, resulting from economic growth and tax relief.
    For Families and Individuals:
    Permanently extends current individual tax rates and bracket changes of the Tax Cuts and Jobs Act.
    This includes maintaining the increased standard deduction, which benefits, and helps simplify income taxes for, the vast majority of taxpayers.

    Eliminates taxes on tips and overtime for millions of American workers.
    Supports families by increasing and making permanent the enhanced child tax credit at $2,200, with $1,700 of that amount being refundable, adjusted for inflation.
    Provides permanent relief from the death tax by setting the exemption to $15 million or $30 million for those married filing jointly, adjusted for inflation.
    Establishes savings accounts for newborns to help build financial security.
    Creates a new $6,000 tax deduction for millions of low- and middle-income seniors.
    Combined with other deductions, this will result in the average beneficiary paying zero taxes on Social Security.

    For Small Businesses:
    Permanently extending the Section 199A pass-through deduction for small businesses, farmers and ranchers, including the Section 199A(g) deduction used by agricultural cooperatives.
    Increasing the Section 179 expensing to $2.5 million and increasing the phaseout for qualified property at $4 million.
    Establishing a 100 percent accelerated depreciation for new industrial and manufacturing facilities that begin construction between 2025-2028.
    Making permanent the 30 percent interest expense allowance.
    Permanently extending the 100 percent research and development deduction.
    Making permanent 100 percent bonus depreciation.
    “At its core, the tax provisions in the One Big Beautiful Bill are about allowing American workers and small businesses to keep more of their hard-earned money,” said Hoeven. “We worked to ensure this legislation provides trillions in tax relief for everyday Americans on a permanent basis. This includes preserving a higher standard deduction, expanding benefits for families with children and eliminating taxes on tips, overtime and Social Security for millions of workers and seniors, respectively. This will not only increase the quality of life for households throughout our country, but it will strengthen our economy by enabling businesses to invest in their operations, recoup their costs and create good-paying jobs across sectors.”

    MIL OSI USA News –

  • MIL-OSI USA: ICE Dallas arrests illegal alien wanted in home country for organizing an assassination attempt

    Source: US Immigration and Customs Enforcement

    DALLAS – Immigration and Customs Enforcement Dallas apprehended Maria Julia Varela, a 36-year-old El Salvadoran national, with connections to MS-13 and Barrio 18 transnational gangs June 30.

    Varela is wanted by law enforcement officials in El Salvador for her role in organizing an assassination attempt.

    “This criminal alien fled El Salvador hoping to evade law enforcement and accountability for an attempt of conspiring to take some one’s life,” said Homeland Security Investigations Special Agent in Charge Dallas Travis Pickard. “HSI Dallas remains steadfast in ensuring that communities in North Texas are not a refuge for international fugitives. We are dedicated to pursuing those accused of crimes that endanger public safety.”

    HSI Dallas Violent Gangs Task Force assisted by officers from the Federal Bureau of Investigations Dallas, U.S. Marshals, Texas Department of Public Safety Criminal Investigations Division, and the Internal Revenue Service arrested Varela during the enforcement of HSI’s National Gang surge operation, aligned with the Trump Administration’s Executive Order, Protecting the American People Against Invasion.

    Varela will remain in ICE custody pending removal from the U.S. Varela was first encountered by U.S. Customs and Border Patrol in 2016 as a family unit and processed for a notice to appear.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X: @HSI_Dallas.

    MIL OSI USA News –

  • MIL-OSI Russia: Kingdom of the Netherlands – Curaçao: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    July 2, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC.

    Curaçao’s economic activity expanded by 5 percent in 2024, as strong tourism performance trickled into the wider economy. Stayover arrivals, growing at double digits, continued to outperform Caribbean peers and carried over to other sectors, including whole trade, real estate, and construction. Mostly related to holiday homes and hotels, construction was further fueled by strong mortgage growth and complemented by a resumption of public investments under the Road Maintenance Plan. Average headline inflation declined to 2.6 percent in 2024 from 3.5 percent in 2023, in line with global oil prices and lower US inflation. Real wages increased for the first time in five years but job creation continued to be dominated by informal construction and tourism-related sectors while formal employment declined. The primary surplus continued its upward trajectory on the back of increased tax collection on goods and services. The current account deficit widened due to higher merchandise imports, mainly related to construction activity.

    The government is pursuing an ambitious agenda to steer a now tourism-led economy, amidst heightened global uncertainty. Mindful of tourism saturation and a decoupling of local living standards, the authorities strive to improve social conditions while generating sustainable and green growth amid safeguarding solid public finances. The near doubling of the tourism footprint within five years brought profound structural shifts to Curaçao’s economy, including the decline in manufacturing and rise in services, lower overall wages, higher informality, and greater reliance on – more regressive – indirect taxation. Policy responses need to shift accordingly. Priorities are rightly focused on upgrading tourist experiences and diversification, improving skills and labor market conditions, and reforming the tax system in an equitable way while addressing social spending pressures. The administration has delivered on a first round of targeted, one-off pension increases this year, continued reforms to contain health costs, expanded investment in education infrastructure, and came closer to its renewables target with the opening of the latest wind park in 2024. The landspakket, a structural reform package agreed with the Netherlands in 2020, continues to guide structural reforms.

    Outlook and Risks

    Growth is projected to moderate to 4 percent in 2025, balancing domestic impulses and heightened global uncertainty, before gradually converging to 2 percent over the medium term. Further expansion of stayover tourism and construction activity will continue to support growth in 2025, along with fiscal expansion driven by higher public investments. Potential negative effects of slowing global demand and heightened uncertainty would dampen tourism flows towards the end of 2025 and 2026. Growth is expected to moderate to 2 percent over the medium term, given saturation in tourism and slower global demand, while public capital spending would be carried forward, including in road infrastructure and the energy value chain. Headline inflation is projected to stabilize at 2.5 percent in 2025, subject to oil price-related uncertainty. Fiscal accounts would remain in surplus, fully compliant with the fiscal rule, allowing the government to partially settle a large bullet loan in 2025 with own liquid reserves, thereby accelerating the impressive downward trajectory of debt. The current account deficit would decline in the medium term but remain elevated.

    Risks to the outlook are tilted to the downside. External risks include trade policy and investment shocks, which could induce higher inflation and lower external demand, adversely impacting tourism arrivals. Domestic upside risks include faster-than-expected advances in the green hydrogen value chain project and development of other energy sources. On the downside, lower-than-expected disbursements in public investments and delays in infrastructure improvements could set back the expected increase in potential growth from the expansion of hotel capacities. Continued high growth in mortgage credit fueling rising house prices could lead to financial sector as well as household balance sheet vulnerabilities. Buffers include access to favorable refinancing conditions on the Dutch capital market, subject to compliance with the fiscal rule, which grants the island substantial fiscal space, notably for capital and emergency spending.

    Tailoring Fiscal and Structural Policies to a Tourism-led Economy

    Safeguarding Medium-term Fiscal Sustainability

    Reaching the medium-term debt target and further sustaining growth will require weighing the need to boost investments and address social spending pressures while reforming the tax system in an equitable manner.  

    Advancing healthcare reforms is an urgent priority to restore the sector’s financial sustainability and limit medium-term fiscal risks. Annual deficits of the SVB healthcare fund amounted to around 5 percent of GDP over the past years, excluding central government transfers, with an additional 1 percent of GDP annual deficit by the Curaçao Medical Center. Transfers to the latter were recently increased to better cover operating costs and invest in new medical equipment, but the health system’s overall finances remain unsustainable. Curaçao’s health expenses, around 13 percent of GDP, stand out relative to regional peers and surpass the OECD average. Possible efficiency gains on the spending side would include additional volume and price measures for pharmaceuticals, re-evaluation of laboratory service tariffs, further expansion of primary care to contain hospital visits, and improvements in preventive care, with the latter likely to materialize over the longer horizon. Revenue reform options would include a broadening of the contributor base, e.g., via the inclusion of migrant workers, increasing co-payments for higher-income households, allowing for price differentiation for the privately insured, exploring options to charge for add-on services, with a possible secondary, private insurance market for these services, and expanding the potential in medical tourism. 

    The authorities’ plans to adjust pension benefits for lower-income households in a fiscally responsible manner are welcome and should be accompanied by widening the contribution base. Staff welcomes the intention to reassess benefit levels, given the pausing of indexation and a decline in real per capita benefits by 23 percent between 2016 and 2024. Applying inflation indexation to residents’ pensions only would allow for a broadly balanced budget of the old-age pension scheme (before central government transfers). Considerations to providing a supplement for low-income pensioners, which could cost around ½ percent of GDP per year, should be partially financed by broadening the contributor base. Legalizing predominantly young migrant workers and providing incentives for them and their employers to formalize (see below) would increase revenues by about 0.3 percent of GDP. Ensuring longer-term sustainability of social insurances would likely imply tapping general budget resources, which could be expanded with selected measures while avoiding earmarking (see below). Meanwhile, the current draft law to make second-pillar occupational pension plans mandatory would reduce reliance on old-age pensions and increase private savings, which would also help alleviate the sizable current account deficit.

    The authorities envisage the introduction of a VAT while continuing the modernization of the tax authority and improving revenue collection. Given Curaçao’s already significant tax burden and the recent expansion of direct taxation from a pre-pandemic average of 11 percent of GDP to 14 percent of GDP in 2024, plans to design the envisaged VAT reform in a revenue-neutral and equity-enhancing way are welcome. Expanding property taxation on second homes should be prioritized, as well as the purchase and implementation of digital infrastructure to modernize Curaçao’s tax system. Further considerations to introduce a tourism fee (by 2026), end tax holidays on import duties, and adjust permitting fees would lift revenues and contribute to compensating for potential pension increases.

    Further efforts are needed to boost investments and improve government service delivery. While capacity constraints were successfully addressed in the ramp-up of investments in 2024, including by hiring external project managers, capacity in planning and execution must be strengthened further to administer the needed investment increase of 2-3 percent of GDP in the coming years, including via a centralized investment planning unit. Implementing multi-year project budgeting and establishing a transparent procurement system will be critical to improve execution, ensure the efficient allocation of financing resources, and grant space to a gradual inclusion of adaptation investments against damage from sea level rise. Efforts to render health and pension spending as well as goods and services taxation more equitable hinge on improving means-testing and maintaining a state-of-the-art registry for lower-income households.  

    Labor Market Policies to Address Informality and Improve Education

    Informality could be addressed by strengthening incentives for formal work, improving enforcement and monitoring, and tightening eligibility criteria for receiving benefits. Decomposing changes in the formal workforce over the past decade, the strong decline in formal employment was mostly driven by a drop in registered jobs among men, especially in prime working age. Half of this decline cannot be explained by demographics, migration, or unemployment, and is likely attributed to the transition to informality. Tourism and construction sectors offer relatively more opportunities for informal work, making it harder to design the right incentives for formalization. Incentivizing formality, however, is crucial to maintaining government revenues and ensuring social protection for workers, and could be fostered by: facilitating access to education, increasing formal sector productivity, introducing more in-work benefits for workers with incomes between minimum and median wage, and stricter eligibility criteria for monthly assistance, along with strengthening enforcement and monitoring.

    Skill deterioration compounded by population aging is a key drag on long-term potential growth. The 2023 census showed that education levels of new entrants to the labor force are below the level of the pre-retirement cohort, and young employees tend to work in more precarious positions. Ongoing investments in education, in line with landspakket recommendations, including in schools’ physical as well as digital infrastructure, are very welcome. Recent initiatives to attract graduates back to the island, including with tax incentives, and an expedited labor permitting process for high-skill workers are important steps in the right direction. These could be complemented by vocational training to lift the overall skill level and reduce skill mismatches, in line with government’s proposed stimulation package with incentives for employer-led vocational education. Integrating migrants into the workforce would grant them perspectives to grow and invest in their skills.

    Fostering Competitiveness and Diversification

    Bracing for slower growth and mindful of market saturation and the global context, the authorities’ focus is rightly on tourism value added and diversification of source markets. Roads and transportation are among the key bottlenecks of the island, and more public investments are needed to improve the connectivity within the island for tourists to venture out. Public and private investments should also be directed to maritime infrastructure to attract more yacht tourists and move up the tourism value chain. Increasing the number of taxi licenses is welcome and will improve tourist experiences through better mobility. Efforts to tap markets in South America have proven successful, and new flight routes opened from Brazil, Argentina, and Colombia, countries with a large consumer base and rising purchasing power.

    Fostering non-tourism sectors in areas of competitive advantage would help build resilience against global shocks and attract additional investments. Building on recent successful reforms to expedite business permits and promote digitalization, more progress is needed to achieve the authorities’ goals as outlined in the National Export Strategy. Curaçao’s connection to a new submarine cable throughout the Caribbean and Miami from 2027 onwards could help expand the island’s data center industry – conditional on sufficient absorption capacity of the electricity grid and a moderation in electricity prices, which remain among the highest in the region. Planned investments in the grid by Aqualectra would be supported by funding from the Netherlands and provide the basis for lifting renewables electricity production to 70 percent by 2027 from around 50 percent currently. The envisaged floating offshore wind park of 3-10 GW would help cover Curaçao’s entire electricity demand and create new export opportunities, in addition to exploratory investments in other energy sources.

    In the presence of global uncertainty, diversification of trade as well as regional integration are key for mitigating Curaçao’s exposure to external shocks. Curaçao’s imports remain concentrated on advanced markets, providing ample room to expand goods imports from neighboring countries, such as Brazil and Colombia. As a new associate CARICOM member and acknowledging limitation of independent trade policy given Kingdom laws, Curaçao should continue strengthening regional cooperation and trade integration with neighboring states.

    The authorities’ commitment to lower corruption vulnerabilities are welcome. The online gaming law has been approved by parliament in end-2024, an important step towards meeting the landspakket’s rule of law target. Curaçao’s recent accession to the UN Convention Against Corruption and delisting from the EU grey list of non-cooperative jurisdictions, following key legal updates in 2024, is another step in the right direction and opens doors for further international cooperation and bilateral tax treaties, as pursued by the authorities. The mutual evaluations of the AML/CFT frameworks for both Curaçao and Sint Maarten are underway, with results expected to be published in mid-July 2025.

    The Monetary Union of Curaçao and Sint Maarten

    The external balance of the Union is expected to improve, following a mild deterioration in 2024. The Union’s current account deficit widened to around 17 percent of GDP in 2024 driven by higher imports, mainly related to construction on Curaçao, and despite strong growth in tourism receipts. Going forward, stronger travel receipts, moderation in construction-related imports, and an increase in renewables would support a contraction of the Union’s current account deficit towards 10 percent of GDP in the medium term. The deficit will continue to be financed by private investment inflows and decumulation of assets abroad. The stock of international reserves would remain broadly stable and adequate over the medium term. Given still sizable deficits and a sustained real effective exchange rate appreciation, staff’s preliminary assessment suggests that the external position in 2024 was weaker than the level implied by fundamentals and desirable policies in Curaçao and broadly in line in Sint Maarten, albeit subject to high uncertainty given persistent measurement biases. The assessment for the Union is the same as for Curaçao due to its larger size and current account deficits.

    The monetary policy stance is appropriate and continues to support the peg. Following developments in the US, the CBCS cut its benchmark pledging rate by a cumulative 100 basis points in September and November 2024 to 4.75 percent, and has kept it unchanged since then, in line with the pegged exchange rate regime. Transmission to banking sector interest rates continues to be weak, as deposit rates stayed broadly constant throughout the recent tightening and easing cycles, with a mild uptick in late 2023 driven by time deposits, and Union lending rates declined between 2018 and end 2024. Excess liquidity is the key impediment to the transmission, further exacerbated by the absence of interbank and government securities markets.

    With lending rates declining, credit growth has accelerated, entirely driven by mortgages in Curaçao. Mortgage credit in the union, the second highest in the Caribbean, has been growing by double digits in real terms post pandemic, while real overall credit growth has been negative. Driven by Curaçao, mortgages are expected to remain on an upward trajectory, including financing for the construction of second homes and vacation rental apartments. In Sint Maarten, on the contrary, mortgage credit growth turned negative in 2024, possibly reflecting delays in construction projects and cross-border financing on the French side. With the islands’ financial sectors predominantly financing tourism-related activities, credit to non-tourism sectors is declining in real terms.

    The financial sector is broadly sound and systemic risks are contained, but mortgage growth needs to be monitored closely while a macroprudential toolkit is further developed. Banks are well capitalized, among the highest in the region, but both NPLs and provisioning remain weaker than the CBCS early warning signal – and with respect to peers. Liquidity is abundant and has further increased, but the Union’s banks are somewhat less profitable than the Caribbean median and concentration remains high. Closely monitoring mortgage growth to detect overheating in the real estate sector and possible vulnerabilities in household balance sheets should become a priority, in particular given continued data gaps. Overcoming these gaps and further developing a macroprudential toolkit towards the introduction of CCyBs, and thresholds for the loan-to-value and debt-service-to-income ratios are warranted to detect vulnerabilities and ensure timely response to potential shocks. Caps on mortgage credit growth or mortgage loan exposure could be applied should the positive mortgage credit gap widen further.

    The IMF mission would like to thank the authorities for their cooperation and the candid and constructive discussions that took place during June 18-25.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Reah Sy

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

    https://www.imf.org/en/News/Articles/2025/07/02/07022025-curacao-staff-concluding-statement-of-the-2025-article-iv

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Governor Kehoe Signs Five Bills into Law

    Source: US State of Missouri

    JULY 2, 2025

    Jefferson City — Today, Governor Mike Kehoe signed five pieces of legislation into law: Senate Bills (SB) 28 and 396, and House Bills (HB) 105, 169, and 974.

    “Today, we were proud to sign five bills that will benefit businesses and local governments across our state,” said Governor Kehoe. “Thank you to the men and women of the General Assembly for sending many pieces of quality legislation to my desk this session. We look forward to signing even more legislation that improves the lives of Missourians next week.”

    SB 28, sponsored by Senator Jason Bean and Representative Donnie Brown, modifies provisions relating to transportation.

    • Adds retired law enforcement and judicial members to the confidential motor vehicle and drivers licensing records statute.
    • Requires motor vehicle sales taxes to be paid before a temporary tag can be issued. This now includes transactions between individuals and through out-of-state dealers.
      • The effective date of this is delayed until the Missouri Department of Revenue’s (DOR) Motor Vehicle and Driver License System is completed.
    • Modifies specialty license plate provisions, including creating a new United States Space Force military specialty license plate.
    • Places vehicle, boat, and powersports dealers on a level playing field in regards to the fees they are required to remit to DOR.

    SB 396, sponsored by Senator Ben Brown and Representative Brad Banderman, authorizes the board of trustees of a consolidated public library district to change the dates of the fiscal year.

    • Allows the board of trustees of a consolidated library district to select a different fiscal year structure than the state fiscal year calendar.

    HB 105, sponsored Representative Jeff Vernetti and Senator Mike Bernskoetter, authorizes the conveyance of certain state property.

    • Outlines the deed property language for the conveyance of the Lee C. Fine Memorial Airport from the Missouri Department of Natural Resources to the city of Osage Beach, giving Osage Beach more freedom and flexibility to make improvements without grant funding.
    • Conveys two tracts of land from the site of the former Missouri State Highway Patrol Troop A Headquarters located in Lee’s Summit. The land will be conveyed from the State of Missouri to the Missouri Highways and Transportation Commission for the purpose of a new intersection, allowing the outer roads and city streets to be received by Lee’s Summit once the new bridge and intersection is completed.
    • Outlines the deed property language for conveying a tract of land in Webster County from the State of Missouri to the Missouri Highways and Transportation Commission, allowing for improvements to increase road safety by reducing conflict points, decreasing congestion, and replacing aging infrastructure.

    HB 169, sponsored by Representative Donnie Brown and Senator Jason Bean, modifies provisions relating to cotton trailers.

    • Redefines “cotton trailers,” increasing the allowed maximum speed to 70 MPH from 40 MPH.
    • Updates specific hauling requirements for cotton trailers to align with modern technological advancements.

    HB 974, sponsored by Representative Jim Murphy and Senator Sandy Crawford, establishes provisions relating to insurance for certain uses of motor vehicles.

    • Implements the National Association of Insurance Commissioners (NAIC) model language related to cyber security standards on insurance companies, aimed at protecting consumer data.
    • Implements the National Council of Insurance Legislators model language related to peer-to-peer driving rental services.

    For more information on the legislation and additional provisions signed into law, visit house.mo.gov and senate.mo.gov. Photos from the bill signing will be uploaded to Governor Kehoe’s Flickr page.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Van Orden Urges Evers to Act Quickly to Align State Budget with Federal Healthcare Provisions

    Source: United States House of Representatives – Congressman Derrick Van Orden (Wisconsin 3rd)

    WASHINGTON, D.C. – Today, Congressman Derrick Van Orden (WI-03) sent a letter to Governor Tony Evers urging him to promptly sign the Wisconsin FY 2025-27 state budget into law. The state budget includes an increase to the state provider tax rate, which must be in effect prior to the signing of the One, Big, Beautiful Bill.

    For nearly a decade, Wisconsin’s provider tax rate has not been updated from 1.7%. The One, Big, Beautiful Bill will allow non-Medicaid expansion states, like Wisconsin, with provider tax rates of up to 6% to remain untouched. In order for Wisconsin to fully capitalize on the Medicaid benefits in the bill, it is imperative the governor sign the state budget into law as soon as possible.

    “I cannot emphasize enough the importance of signing the proposed state budget into law without delay. As you are aware, timely enactment is especially critical this year due to the proposed increase in the state provider tax, which must be effectuated before the anticipated signing of the One, Big, Beautiful Bill on or around July 4, 2025,” Rep. Van Orden stated in the letter.

    The congressman continued, “Delaying the state budget enactment beyond July 3rd risks losing vital opportunities for the state’s healthcare system and the Wisconsinites who rely on it. Healthcare and rural healthcare, in particular, is vital to us in Wisconsin. We cannot leave anything on the table. Please act swiftly to sign the budget and secure the provider tax increase in time to meet this critical federal deadline.”

    “I came to Washington to fight for those in rural Wisconsin. By voting for this bill, I will be doing just that, and I am looking forward to working with our state senators, assembly members, and you to make sure our fellow Wisconsinites cannot just survive but thrive.”

    To read the full letter, click here or scroll below.

     

    The Honorable Tony Evers

    Governor of Wisconsin

    115 East Capitol

    Madison, WI 53702

    July 2, 2025

    Dear Governor Evers,

    I wanted to send you a follow up note from our conversation yesterday.

    I cannot emphasize enough the importance of signing the proposed state budget into law without delay. As you are aware, timely enactment is especially critical this year due to the proposed increase in the state provider tax, which must be effectuated before the anticipated signing of the One, Big, Beautiful Bill on or around July 4, 2025.

    This is a once in a lifetime opportunity and I implore you to put politics aside, and our neighbors first.

    The One Big Beautiful Bill will have a profoundly beneficial impact on Wisconsinites from all socioeconomic backgrounds by ensuring that Badger Care, in its current form and scope, remains solvent into the future and bolstering our rural healthcare systems.

    Wisconsin will immediately receive a $500,000,000 plus up for rural healthcare infrastructure, and an additional billion dollars annually for healthcare in our great state.

    Additionally, this bill protects SNAP for those most in need, prevents a 25% tax hike on Wisconsin families, makes the Small Business Deduction permanent and increases it to 23%, and removes the Death Tax so our farmers can pass their land onto the next generation.

    Delaying the state budget enactment beyond July 3rd risks losing vital opportunities for the state’s healthcare system and the Wisconsinites who rely on it. Healthcare and rural healthcare, in particular, is vital to us in Wisconsin. We cannot leave anything on the table. Please act swiftly to sign the budget and secure the provider tax increase in time to meet this critical federal deadline.

    I came to Washington to fight for those in rural Wisconsin. By voting for this bill, I will be doing just that, and I am looking forward to working with our state senators, assembly members, and you to make sure our fellow Wisconsinites cannot just survive but thrive.

    Forward!

    All the best,

    Derrick Van Orden

    Member of Congress

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Van Orden Urges Evers to Act Quickly to Align State Budget with Federal Healthcare Provisions

    Source: United States House of Representatives – Congressman Derrick Van Orden (Wisconsin 3rd)

    WASHINGTON, D.C. – Today, Congressman Derrick Van Orden (WI-03) sent a letter to Governor Tony Evers urging him to promptly sign the Wisconsin FY 2025-27 state budget into law. The state budget includes an increase to the state provider tax rate, which must be in effect prior to the signing of the One, Big, Beautiful Bill.

    For nearly a decade, Wisconsin’s provider tax rate has not been updated from 1.7%. The One, Big, Beautiful Bill will allow non-Medicaid expansion states, like Wisconsin, with provider tax rates of up to 6% to remain untouched. In order for Wisconsin to fully capitalize on the Medicaid benefits in the bill, it is imperative the governor sign the state budget into law as soon as possible.

    “I cannot emphasize enough the importance of signing the proposed state budget into law without delay. As you are aware, timely enactment is especially critical this year due to the proposed increase in the state provider tax, which must be effectuated before the anticipated signing of the One, Big, Beautiful Bill on or around July 4, 2025,” Rep. Van Orden stated in the letter.

    The congressman continued, “Delaying the state budget enactment beyond July 3rd risks losing vital opportunities for the state’s healthcare system and the Wisconsinites who rely on it. Healthcare and rural healthcare, in particular, is vital to us in Wisconsin. We cannot leave anything on the table. Please act swiftly to sign the budget and secure the provider tax increase in time to meet this critical federal deadline.”

    “I came to Washington to fight for those in rural Wisconsin. By voting for this bill, I will be doing just that, and I am looking forward to working with our state senators, assembly members, and you to make sure our fellow Wisconsinites cannot just survive but thrive.”

    To read the full letter, click here or scroll below.

     

    The Honorable Tony Evers

    Governor of Wisconsin

    115 East Capitol

    Madison, WI 53702

    July 2, 2025

    Dear Governor Evers,

    I wanted to send you a follow up note from our conversation yesterday.

    I cannot emphasize enough the importance of signing the proposed state budget into law without delay. As you are aware, timely enactment is especially critical this year due to the proposed increase in the state provider tax, which must be effectuated before the anticipated signing of the One, Big, Beautiful Bill on or around July 4, 2025.

    This is a once in a lifetime opportunity and I implore you to put politics aside, and our neighbors first.

    The One Big Beautiful Bill will have a profoundly beneficial impact on Wisconsinites from all socioeconomic backgrounds by ensuring that Badger Care, in its current form and scope, remains solvent into the future and bolstering our rural healthcare systems.

    Wisconsin will immediately receive a $500,000,000 plus up for rural healthcare infrastructure, and an additional billion dollars annually for healthcare in our great state.

    Additionally, this bill protects SNAP for those most in need, prevents a 25% tax hike on Wisconsin families, makes the Small Business Deduction permanent and increases it to 23%, and removes the Death Tax so our farmers can pass their land onto the next generation.

    Delaying the state budget enactment beyond July 3rd risks losing vital opportunities for the state’s healthcare system and the Wisconsinites who rely on it. Healthcare and rural healthcare, in particular, is vital to us in Wisconsin. We cannot leave anything on the table. Please act swiftly to sign the budget and secure the provider tax increase in time to meet this critical federal deadline.

    I came to Washington to fight for those in rural Wisconsin. By voting for this bill, I will be doing just that, and I am looking forward to working with our state senators, assembly members, and you to make sure our fellow Wisconsinites cannot just survive but thrive.

    Forward!

    All the best,

    Derrick Van Orden

    Member of Congress

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Van Orden Urges Evers to Act Quickly to Align State Budget with Federal Healthcare Provisions

    Source: United States House of Representatives – Congressman Derrick Van Orden (Wisconsin 3rd)

    WASHINGTON, D.C. – Today, Congressman Derrick Van Orden (WI-03) sent a letter to Governor Tony Evers urging him to promptly sign the Wisconsin FY 2025-27 state budget into law. The state budget includes an increase to the state provider tax rate, which must be in effect prior to the signing of the One, Big, Beautiful Bill.

    For nearly a decade, Wisconsin’s provider tax rate has not been updated from 1.7%. The One, Big, Beautiful Bill will allow non-Medicaid expansion states, like Wisconsin, with provider tax rates of up to 6% to remain untouched. In order for Wisconsin to fully capitalize on the Medicaid benefits in the bill, it is imperative the governor sign the state budget into law as soon as possible.

    “I cannot emphasize enough the importance of signing the proposed state budget into law without delay. As you are aware, timely enactment is especially critical this year due to the proposed increase in the state provider tax, which must be effectuated before the anticipated signing of the One, Big, Beautiful Bill on or around July 4, 2025,” Rep. Van Orden stated in the letter.

    The congressman continued, “Delaying the state budget enactment beyond July 3rd risks losing vital opportunities for the state’s healthcare system and the Wisconsinites who rely on it. Healthcare and rural healthcare, in particular, is vital to us in Wisconsin. We cannot leave anything on the table. Please act swiftly to sign the budget and secure the provider tax increase in time to meet this critical federal deadline.”

    “I came to Washington to fight for those in rural Wisconsin. By voting for this bill, I will be doing just that, and I am looking forward to working with our state senators, assembly members, and you to make sure our fellow Wisconsinites cannot just survive but thrive.”

    To read the full letter, click here or scroll below.

     

    The Honorable Tony Evers

    Governor of Wisconsin

    115 East Capitol

    Madison, WI 53702

    July 2, 2025

    Dear Governor Evers,

    I wanted to send you a follow up note from our conversation yesterday.

    I cannot emphasize enough the importance of signing the proposed state budget into law without delay. As you are aware, timely enactment is especially critical this year due to the proposed increase in the state provider tax, which must be effectuated before the anticipated signing of the One, Big, Beautiful Bill on or around July 4, 2025.

    This is a once in a lifetime opportunity and I implore you to put politics aside, and our neighbors first.

    The One Big Beautiful Bill will have a profoundly beneficial impact on Wisconsinites from all socioeconomic backgrounds by ensuring that Badger Care, in its current form and scope, remains solvent into the future and bolstering our rural healthcare systems.

    Wisconsin will immediately receive a $500,000,000 plus up for rural healthcare infrastructure, and an additional billion dollars annually for healthcare in our great state.

    Additionally, this bill protects SNAP for those most in need, prevents a 25% tax hike on Wisconsin families, makes the Small Business Deduction permanent and increases it to 23%, and removes the Death Tax so our farmers can pass their land onto the next generation.

    Delaying the state budget enactment beyond July 3rd risks losing vital opportunities for the state’s healthcare system and the Wisconsinites who rely on it. Healthcare and rural healthcare, in particular, is vital to us in Wisconsin. We cannot leave anything on the table. Please act swiftly to sign the budget and secure the provider tax increase in time to meet this critical federal deadline.

    I came to Washington to fight for those in rural Wisconsin. By voting for this bill, I will be doing just that, and I am looking forward to working with our state senators, assembly members, and you to make sure our fellow Wisconsinites cannot just survive but thrive.

    Forward!

    All the best,

    Derrick Van Orden

    Member of Congress

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom honors fallen California Highway Patrol Officer Miguel Cano

    Source: US State of California Governor

    Jul 2, 2025

    SACRAMENTO – Governor Gavin Newsom issued the following statement regarding the death of California Highway Patrol Officer Miguel Cano:

    “Officer Miguel Cano dedicated his life to serving our communities, and his passing is a heartbreaking loss for the state and the California Highway Patrol. Jennifer and I are deeply saddened by this tragedy and we extend our sincere condolences to Officer Cano’s wife, parents, loved ones, and the men and women of the CHP. Though early in his public safety career, Officer Cano already embodied the best of the Golden State with his courage, commitment, and a deep sense of duty. The state will never forget his service.”

     On July 2, just before 12:30 a.m., at Bristol Parkway near Green Valley Circle in Culver City, Officer Cano was involved in an on-duty crash after suffering a suspected medical emergency.  The circumstances are still under investigation. He was immediately transported to the UCLA Ronald Reagan Medical Center, where, despite the lifesaving efforts of emergency personnel, Officer Cano was ultimately pronounced deceased.

    Officer Cano, 34, graduated from the CHP academy in November 2023 and proudly served the West Los Angeles community and the people of California for a year and a half.  

    His wife and parents survive him.

     In honor of Officer Cano, flags at the State Capitol and Capitol Annex Swing Space will be flown at half-staff. This is the first line-of-duty loss for the CHP since 2020.  

    Recent news

    Jul 2, 2025

    News What you need to know: Governor Newsom is more than doubling the state’s Film and Television Tax Credit Program, and adding 16 new television projects that will generate $1.1 billion in new economic activity. BURBANK – Today, Governor Gavin Newsom joined labor…

    Jul 2, 2025

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  • MIL-OSI Russia: Shanghai Launches Multifunctional Easy Go Platform for Foreign Visitors

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    SHANGHAI, July 2 (Xinhua) — East China’s Shanghai Municipality launched Easy Go, a multi-functional digital service platform for foreign tourists, on Wednesday. The city has recently attracted more overseas visitors thanks to its expanded visa-free regime and instant tax refund policy.

    The platform, developed by the Shanghai People’s Government External Affairs Office and the People’s Bank of China Shanghai Office together with other relevant city departments, relies on the international version of Alipay and integrates consumer services and tourism information, eliminating the need to download multiple apps and eliminating language barriers.

    Overseas users can register with one click and gain access to 30 mini-programs in four key areas: dining, transportation, sightseeing, and shopping. Key features include food delivery, restaurant recommendations, public transportation information, taxi hailing, travel recommendations, ticket booking, luggage storage, and tax refund point information. The platform operates primarily in English and offers real-time translation into multiple languages.

    Easy Go has a “Tax Refund” feature that integrates a map of city tax refund points, and provides updated Shanghai travel guides and travel tips. The platform also features videos from media and bloggers promoting Shanghai and China.

    “Easy Go is a very convenient platform because it brings together different daily services,” said Clarisse Le Guernic from France. “Foreign tourists coming to Shanghai don’t need to download many different apps, they can make a payment, translate a phrase, order food and use a bike rental on one platform.”

    As of June, citizens of 55 countries can enjoy 240-hour visa-free transit in China. In addition, China unilaterally expanded the visa-free entry program, allowing travelers from 47 countries to stay in the country visa-free for up to 30 days. –0–

    MIL OSI Russia News –

  • MIL-OSI USA: Governor Newsom marks historic expansion of California’s Film and Television Tax Credit Program, announces 16 new projects to film in the Golden State

    Source: US State of California Governor

    Jul 2, 2025

    What you need to know: Governor Newsom is more than doubling the state’s Film and Television Tax Credit Program, and adding 16 new television projects that will generate $1.1 billion in new economic activity.

    BURBANK – Today, Governor Gavin Newsom joined labor representatives, entertainment leaders and state officials to mark the official expansion of California’s Film and Television Tax Credit Program—solidifying the Golden State’s status as the global epicenter of film and television production. The move more than doubles the program’s annual funding—from $330 million to $750 million—and introduces key updates to keep production, below-the-line jobs, and investments rooted in California.

    The Governor is also awarding 16 new television shows through the program which, taken together, are collectively anticipated to bring in $1.1 billion in total spending and nearly 6,700 cast and crew jobs across the Golden State.

    California is where filmed entertainment was born, and with this expansion, we’re making sure it stays here. We’re not just investing in productions and soundstages—we’re investing in middle-class careers, small businesses, and the communities that power this iconic industry.

    Governor Gavin Newsom

    Doubling down on California’s creative economy

    Since 2009, the tax credit has generated over $27 billion in economic activity and supported more than 209,000 well-paying jobs with health and pension benefits by awarding nearly  850 projects. In years past, for every dollar of tax credit awarded, California has seen massive returns – $24.40 in economic output, $16.14 in GDP and $8.60 in wages.

    The expanded program – now one of the largest capped film incentives in the nation – maintains California’s competitive edge in the creative economy while continuing to prioritize workforce diversity provisions, more funding for the Career Pathways Training Program, and the nation’s first Safety on Production Pilot Program.

    “This expansion is about California’s long game—supporting a dynamic industry that fuels our creative economy and reflects who we are,” said Dee Dee Myers, Senior Advisor to the Governor & Director of GO-Biz. “By doubling down on this commitment, we’re ensuring California remains the premier place to work, create, and tell stories that reach across the world.”

    Why this expansion matters

    Critically, this historic investment in the entertainment industry is projected to increase the number of film jobs supported by the program by approximately fifty percent.

    This program has been oversubscribed year after year, with more productions applying than can be accommodated under the current cap. And in recent years, projects that were unable to secure California’s tax credits and were forced to move to other locations contributed to significant economic losses for California, with an estimated 69% of rejected projects subsequently filming out-of-state.

    Through the expansion of this program, local economies will now be able to keep these creative jobs and livelihoods here in California, all while investing in the future of the industry.

    “This expansion is a powerful investment in California’s future, strengthening the state’s position as the global leader in content creation, fueling job growth and supporting thousands of small businesses that rely on a thriving production industry,” said Colleen Bell, Director of the California Film Commission. “This program isn’t just about keeping cameras rolling — it’s about sustaining careers, building opportunity and ensuring that the economic and cultural benefits of filmmaking stay right here in the Golden State.”

    16 new projects to film in California

    These new projects, which have been approved across the program’s last three television application windows, include nine renewals, two pilots, four new shows and one relocating show.

    Altogether, these 16 projects are expected to hire 6,664 cast and crew members, as well as 59,000 background performers (measured in days worked), across 1,308 total California filming days. Highlights from the projects include:

    • Nine returning TV series, including HBO Max’s “The Pitt,” Hulu’s hit “Paradise,” and CBS’s “NCIS: Origins”

    • Two shows that will film outside of the Los Angeles area for a total of 23 filming days

    • One relocating series – Prime Video’s “Mr. & Mrs. Smith”

    “We are thrilled that we are going to be able to continue shooting our second season of Paradise in Los Angeles, thanks in no small part to California’s film and TV tax credit,” said “Paradise” Creator/Executive Producer/Showrunner Dan Fogelman and Star/Executive Sterling K. Brown. “We’ve been lucky enough to shoot in Los Angeles for the majority of our careers – it is home to the best crews in the world and allowing series to shoot (and remain) in L.A. provides consistent work for countless craftspeople, allowing us all to remain in town with our families and loved ones.”

    See the full list of productions that are part of the Film and Television Tax Credit Program here.

    What comes next

    While last week’s state budget bill delivered the $750 million expansion, the Governor is expected to soon sign additional legislation to modernize and further improve the program.

    In the meantime, these tax credits have become refundable for all projects for the first time since the program’s inception in 2009, beginning with Program 4.0 which officially commenced yesterday, July 1.

    The California Film Commission will integrate the expanded funding and refundable credit mechanism into its immediately upcoming application cycles, which are scheduled for July 7–9, 2025 (television) and August 25–27, 2025 (film). Updated guidelines and resources will be provided by the Film Commission in the coming days. 

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    MIL OSI USA News –

  • MIL-OSI Security: Multiple Eastern North Carolina Health Care Professionals Charged in Connection with 2025 National Health Care Fraud Takedown

    Source: US FBI

    RALEIGH, N.C. – Today, Acting United States Attorney Daniel P. Bubar announced criminal charges against five individuals and one company, in connection with alleged schemes to defraud and abuse the Medicare and Medicaid programs, and other insurance carriers.  The charges filed in federal court are part of the Department of Justice’s 2025 National Health Care Fraud Takedown. The charges stem from Medicaid kickbacks to patients in exchange for attending substance abuse services, and from false and fraudulent billings to Medicare for durable medical equipment.

    “Fraud against our healthcare system is not a victimless crime – it threatens patient care, burdens taxpayers, and undermines trust in critical programs,” said Acting U.S. Attorney Daniel P. Bubar. “Today’s charges demonstrate our offices resolve to pursue those who attempt to profit by violating federal law and jeopardizing public resources. We will continue to work with our federal and state law enforcement partners to ensure accountability.”

    “Today’s record-setting Health Care Fraud Takedown sends a crystal-clear message to criminal actors, both foreign and domestic, intent on preying upon our most vulnerable citizens and steal from hardworking American taxpayers: we will find you, we will prosecute you, and we will hold you accountable to the fullest extent of the law,” said Attorney General Pamela Bondi. “Make no mistake – this administration will not tolerate criminals who line their pockets with taxpayer dollars while endangering the health and safety of our communities.”

    All the cases are part of a strategically coordinated, nationwide law enforcement action that resulted in criminal charges against 324 defendants for their alleged participation in health care fraud and illegal drug diversion schemes that involved the submission of over $14.6 billion in intended loss and over 15 million pills of illegally diverted controlled substances. The defendants allegedly defrauded programs entrusted for the care of the elderly and disabled to line their own pockets. The United States has seized over $245 million in cash, luxury vehicles and other assets in connection with the takedown.

    The following individuals have been charged in the Eastern District of North Carolina:

    • Kimberly Mable Sims (a lab company owner), Francine Sims Super (an office manager), and Keke Komeko Johnson (a compliance officer), were charged by information in connection with the payment of more than $1 million in illegal remunerations in the form of gift cards to patients of Life Touch, LLC (“Life Touch”), a North Carolina substance abuse treatment company, and in connection with false statements to Medicaid auditors regarding the same. The inducements resulted in more than $25 million in payments from Medicaid to Life Touch. As alleged, over four years, Life Touch, through its compliance officer and managers, routinely paid patients based upon the number of days per week that they received services. Life Touch staff also received kickbacks from a lab company that it utilized for drug testing services. The charging documents further allege that Medicaid auditors were deceived regarding these ongoing practices at Life Touch and the lab company. In addition, Super and Johnson were each charged with failure to file a tax return. Life Touch and Brandon Eugene Sims were previously charged in this case. More than $6 million in assets in the form of cash, real estate and other assets haven been seized. The cases are being prosecuted by Special Assistant U.S. Attorney Tasha Gardner, and Assistant U.S. Attorney William M. Gilmore of the U.S. Attorney’s Office for the Eastern District of North Carolina.

    • Randal Fenton Wood, 56, of Flagler Beach, Florida, was charged by information with conspiracy to commit health care fraud in connection with a scheme to bill Medicare, the Civilian Health and Medical Program of the Department of Veterans Affairs (CHAMPVA), and other insurance programs for medically unnecessary durable medical equipment (“DME”). As alleged in the information, Wood and others partnered with purported marketing entities which solicited Medicare beneficiaries to accept durable medical equipment, such as braces and pneumatic compression devices, by illegally waiving copays and pressuring beneficiaries to accept the equipment without verifying that the equipment was medically necessary. The marketing entities sold the beneficiary information and the prefilled orders to Wood and other DME supply companies, who developed and implemented a “doctor chase” model to pressure physicians into signing or altering orders so that they could be billed in full. The DME supply companies owned by or affiliated with Wood received over $39 million in reimbursement from Medicare for DME ordered through this scheme. The case is being prosecuted by Assistant U.S. Attorney David G. Beraka of the U.S. Attorney’s Office for the Eastern District of North Carolina.

    In addition to the foregoing cases, which were a part of the National Enforcement Action, Acting United States Attorney Bubar today also announces the convictions of the following healthcare and mental health practitioners in connection with an investigation into billing and documentation practices by Medicaid mental health providers Our Treatment Center and Partners Against Sexually Transmitted Diseases, which operated in Raleigh, North Carolina:

    • Dawn Marie Meacham, 61, of Raleigh, a Licensed Clinical Mental Health Counselor (LCMHC) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Meacham faces up to 5 years of imprisonment on the charge.

    • Kim Jones Kelly, 68, of Greenville, a Licensed Clinical Addiction Specialist (LCAS) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Kelly faces up to 5 years of imprisonment on the charge.

    • Pius Ondachi, 54, of Raleigh, a Licensed Clinical Mental Health Counselor (LCMHC) pled guilty to Making and Using Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 1035(a)(2).  At sentencing, which remains pending, Ondachi faces up to 5 years of imprisonment on the charge.

    • Tequila Vinson Bogan, 48, of Smithfield, a Licensed Clinical Mental Health Counselor (LCMHC) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Bogan faces up to 5 years of imprisonment on the charge.

    • Ifeoma Ezugwu, 56, of Raleigh, a Licensed Clinical Social Worker Associate (LCSWA) pled guilty to Making and Using Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 1035(a)(2).  At sentencing, which remains pending, Ezugwu faces up to 5 years of imprisonment on the charge.

    • Queensly Onuzulike, 49, of Raleigh, a Licensed Clinical Social Worker (LCSW) pled guilty to Conspiracy to Make and Use Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 371.  At sentencing, which remains pending, Onuzulike faces up to 5 years of imprisonment on the charge.

    • Tamika Rochaelle Autry, 29, of Wilson, a Certified Peer Support Specialist and Qualified Practitioner, pled guilty to Making and Using Materially False Writings and Documents Relating to Health Care Matters, in violation of Title 18, United States Code, Section 1035(a)(2).  At sentencing, which remains pending, Autry faces up to 5 years of imprisonment on the charge.

    Special Assistant United States Attorney Tasha C. Gardner, of the United States Attorney’s Office for the Eastern District of North Carolina, and the North Carolina Attorney General’s Office – Medicaid Investigations Division, serves as prosecutor on each of these cases.

    “Individuals and entities that participate in federal healthcare programs are expected to obey the laws meant to preserve the integrity of program funds,” said Kelly J. Blackmon, Special Agent in Charge with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue to collaborate with our law enforcement partners to investigate allegations of Medicare and Medicaid fraud.”

    “Healthcare fraud isn’t a crime that only exists on paper. These schemes drain taxpayer-funded government programs designed to assist citizens who may not otherwise be able to afford healthcare. The FBI and our partners work tirelessly to stop people from defrauding the government, protect the integrity of the programs for those who truly need it, and bring offenders to justice,” said FBI Charlotte Acting Special Agent in Charge James C. Barnacle Jr.

    “We remain committed to uncovering misconduct in use of healthcare funds and holding offenders accountable,” said Acting Special Agent in Charge Richard Gaskins, Charlotte Field Office, Internal Revenue Service Criminal Investigation. “Our special agents will continue to work alongside our law enforcement partners to pursue individuals who try to exploit federal relief programs for their personal gain.”

    “These people were entrusted to help provide health care and necessary medical tests to patients, but instead they used patients’ information to commit Medicaid fraud,” said North Carolina Attorney General Jeff Jackson. “I’m grateful for the work of our office’s Medicaid Investigations Division to hold these fraudsters accountable, as well as the partnerships with federal and state law enforcement and prosecutors that helped get this done. We’ll make sure anyone who abuses taxpayer dollars is held accountable.”

    “This criminal charge underscores the VA Office of Inspector General’s commitment to vigorously investigate those who would seek to defraud VA healthcare programs,” said Special Agent in Charge Nate Landkammer with the VA Office of Inspector General’s Mid-Atlantic Field Office. “The VA OIG thanks the U.S. Attorney’s Office, and our law enforcement partners for their efforts in this investigation.”

    Principal Assistant Deputy Chief Jacob Foster, Assistant Deputy Chief Rebecca Yuan, Trial Attorney Miriam L. Glaser Dauermann, and Data Analyst Elizabeth Nolte, all of the Health Care Fraud Unit of the Criminal Division’s Fraud Section, led and coordinated this year’s Takedown. The cases are being prosecuted by the Health Care Fraud Unit’s National Rapid Response, Florida, Gulf Coast, Los Angeles, Midwest, New England, Northeast, and Texas Strike Forces; U.S. Attorneys’ Offices for the District of Arizona, Central District of California, Northern District of California, Southern District of California, District of Columbia, District of Connecticut, District of Delaware, Middle District of Florida, Northern District of Florida, Southern District of Florida, Middle District of Georgia, District of Idaho, Northern District of Illinois, Eastern District of Kentucky, Western District of Kentucky, Eastern District of Louisiana, Middle District of Louisiana, District of Maine, District of Massachusetts, Eastern District of Michigan, Western District of Michigan, Northern District of Mississippi, Southern District of Mississippi, District of Montana, District of Nevada, District of New Hampshire, District of New Jersey, Eastern District of New York, Northern District of New York, Southern District of New York, Western District of New York, Eastern District of North Carolina, Western District of North Carolina, District of North Dakota, Northern District of Ohio, Southern District of Ohio, Northern District of Oklahoma, Western District of Oklahoma, District of Oregon, Eastern District of Pennsylvania, District of South Carolina, Middle District of Tennessee, Western District of Tennessee, Northern District of Texas, Southern District of Texas, Western District of Texas, District of Vermont, Eastern District of Virginia, Western District of Washington, and Northern District of West Virginia; and State Attorneys General’s Offices for California, Illinois, Indiana, Louisiana, Massachusetts, Michigan, Missouri, New York, Ohio, Pennsylvania, South Carolina, and Wisconsin. The Health Care Fraud Unit’s Data Analytics Team used cutting-edge data analytics to identify and support the investigations that led to these charges.

    The Eastern District of North Carolina, in particular, worked with the following law enforcement organizations to investigate and prosecute the cases filed during the enforcement period: The U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG), the North Carolina Attorney General’s Office – Medicaid Investigations Division (MID), the Federal Bureau of Investigation (FBI), the Internal Revenue Service Criminal Investigation (IRSCI), the Defense Criminal Investigative Service (DCIS), and the Department of Veterans Affairs Office of Inspector General.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Forces. Prior to the charges announced as part of today’s nationwide Takedown and since its inception in March 2007, the Health Care Fraud Strike Force, which operates in 27 districts, charged more than 5,400 defendants who collectively billed Medicare, Medicaid, and private health insurers more than $27 billion.

    A complaint, information, or indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –